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Governor Ademola Adeleke of Osun State has stated his administration is targeting at supporting more than 45,000 Small and Medium Scale “SMEs” businesses in the state in its bid to boost the local economy and increase its GDP
The Governor stated this on on Wednesday at the launching of the “State Special Ward Level Cooperative Loan Programme”, with the aim of providing N3.436 billion revolving loan to cooperative societies in the state.
While launching the scheme in Osogbo, Ilesha and Iwo yesterday, Governor Adeleke said the loan would be provided in three phases of N1.145 billion per phase, with a total target of 45,816 beneficiaries.
At the launching, Governor Adeleke said, “As a government that fulfils electoral promises, our gathering here is to ensure loans of various categories are disbursed to registered cooperative societies to grow their business and expand the state economy.
“I want to reconfirm to our people again that this government is committed to boosting the local economy, relieving the pains of the people and deepening the state GDP.
“We are operationalising 332 cooperatives in each of the 332 wards in Osun State and our target is to have 46 beneficiaries per ward, making a total of 15,272 beneficiaries,” he said.
He emphasized that the loan is meant for both men and women traders and artisans, and that the phase two and three of the programme would have the same number of beneficiaries and it is in furtherance to his administration commitment to revitalize the Cooperative system and support the SMEs in the state
Speaking on behalf of all the cooperatives societies at the Iwo centre, Chief Awotoro Oyedjide appreciated the governor for recognizing local cooperatives as an important economic driver in the state.
“We express our deepest gratitude on behalf of the cooperative societies in our region for the Governor’s Loan Initiative and the unwavering support extended to us. Your commitment to fostering economic growth and development will truly transform our local communities.
“Your visionary approach, coupled with your dedication to promoting inclusive growth will effectively address the financial limitations faced by our cooperative societies. The provision of affordable credit facilities will allow us to undertake numerous initiatives, ranging from boosting agricultural productivity to facilitating small-scale enterprises, thereby empowering our members to become self-reliant and contribute meaningfully to the local economy,” He said.
Governor Adeleke emphasized that the condition to access the loan is that each beneficiary must belong to a trade association with a letter of character attestation to be provided by each beneficiary from his or her trade association before disbursement.
He urged the beneficiaries to put the fund into productive business in a bid to achieve his administration goal of wiping out poverty from the state and supporting small-scale businesses.
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