The Ondo State governor, Dr. Olusegun Mimiko, has disbursed the sum of N402.5million as loans to Micro, Small and Medium Scale Enterprises in the state.
Speaking at the disbursement ceremony in Akure yesterday, Governor Mimiko described the event as another giant stride towards delivering dividends of democracy to the greatest number of the people.
Mimiko noted that after providing the physical infrastructure such as roads, water supply and other social amenities, access to credit is another critical part of the variables that catalyse economic development.
He said the passion for development geared the state to partner with the Central Bank of Nigeria (CBN) in a unique programme that will ultimately drive inclusive development of the country.
He said, “The first leg was in January where we disbursed N534.43million under the Micro Enterprise Scheme. Today, under the Small and Medium Enterprises Scheme, we are disbursing N402.4 million. And the next stage will be Micro Enterprises under which we are going to disburse another N220 .49million.
“All of these are geared towards re-energising your businesses, especially at the micro and small enterprise level. I want to thank all of you for your patience because it has taken some time to put all these together.
“Unlike the first phase, the micro enterprise phase, which did not require collateral in terms of Certificate of Occupancy, this phase of SME requires Certificate of Occupancy; it requires either group or individual enterprises to provide Certificate of Occupancy as collateral and it is one of the reasons it took some time to complete the processing of these loans”.
The governor further disclosed that with yesterday’s disbursement under the Ondo State government/ CBN Micro, Small and Medium Enterprises Development Fund, the state has disbursed over N1billion.
He enjoined the beneficiaries and other relevant stakeholders to use the loans judiciously for the creation of viable micro businesses in their various localities and ensure prompt repayment of the loans for the benefit of others.
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