Ekiti Unveils One Billion Naira Support for MSMEs.

Ekiti Unveils One Billion Naira Support for MSMEs.

Ekiti State Government, in collaboration with Bosak Microfinance Bank, has inaugurated the EKSG-BOSAK MFB 1 Billion Naira Micro Credit Fund to bolster Micro, Small, and Medium Enterprises (MSMEs) throughout the State.

Addressing attendees at the launch event in Ado-Ekiti, Governor Biodun Oyebanji of Ekiti State underscored the significance of empowering small enterprises, highlighting that the initiative took root in 2021 through a pilot program conducted by the State Government and Bosak Microfinance Bank.

"This endeavouror aims to facilitate the expansion of traders' businesses and foster employment opportunities for the youth. As businesses flourish, they create job opportunities, thus contributing to the overall development of our communities,"remarked the Governor.

Represented by the Commissioner for Finance, Mr. Akin Oyebode, Governor Biodun Oyebanji commended the beneficiaries for their punctual repayment of loans and disclosed that his administration had infused an additional N500 Million into the fund, elevating the total to N1 Billion. He emphasized that the program incorporates educational loans and health insurance benefits to elevate the standard of living for the beneficiaries.

"This is not a loan from the state government; rather, the funds are managed by the bank with the government subsidizing the interest rates to ensure affordability,"clarified Oyebanji.

During her introductory speech, the Commissioner for Trade, Industry, Investment, and Cooperatives, Mrs. Omotayo Adeola, lauded the success of the program since its inception two years ago, noting that the fund initially commenced with a smaller allocation before expanding due to its positive impact on market women and traders.

"The traders have exhibited commendable performance by promptly repaying their loans. Impressed by their dedication, Mr. Governor sanctioned an additional N500 million, bringing the total to N1 Billion," Adeola stated.

The State Commissioner commended the Governor's endeavors in fostering business growth by providing access to low-interest loans, asserting that "this initiative is geared towards empowering entrepreneurs, stimulating economic growth, and reducing unemployment."

The Group Chief Executive Officer of Bosak Holdings, Mr. Kolade Bello, commended the State Government's dedication to poverty alleviation through the program.

"Poverty often stems from a lack of opportunities. This initiative offers the necessary support for individuals to upscale their businesses, increase their income, and enhance their family's welfare. It is a pragmatic credit program that guides them and aids in lifting them out of poverty," emphasized the GCEO.

Elaborating on the loan structure, Bello explained that beneficiaries are grouped together with shared responsibilities, promoting accountability and incentivizing timely repayments.