771 SMEs in Oyo get over N77m in grants

A total of 771 small and medium-scale business owners in Oyo State are beneficiaries of grants amounting to over N77million under the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-Cares).

This came to the fore on Tuesday at the office of the Oyo State Investment and Public Private Partnership Agency (OYSIPA), Ibadan, where some of the beneficiaries received their cheques from representatives of the Oyo State government, the Bank of Industry (BOI) and the Oyo NG-CARES.

The beneficiaries comprise those small and medium business owners who found it difficult to pay back loans obtained during COVID-19 and those who found it difficult to operate their businesses due to COVID-19.

Elucidating on the beneficiaries, project manager, Oyo NG-CARES, Mr Akin Makinde said support for the first category of beneficiaries will come in form of assisting those who obtained loans during COVID-19 to pay back about 40 per cent of the remainder of their unpaid loan.

Under this category, Makinde said the fund will be paid directly to the originating microfinance bank with the borrower only informed that certain money had been paid on his or her behalf.

He further stated that the second category of beneficiaries will receive operation grants to assist in the running of their businesses between the sum of N120,000 and N240,000.

Makinde explained that the funds will go directly into the company’s account on a monthly basis for six months.

On her part, Director General, OYSIPA, Mrs Lola Olutola, said the grant is to help businesses affected by COVID-19.

She added that the fund is to expand access to livelihood support, and food security services and to help poor and vulnerable households and firms.

Informing beneficiaries that monitoring will be done, she enjoined them to dutifully use the grants to enhance their businesses and their Return on Investment (ROI).

She pointed out that judiciously utilising the funds would, in turn, improve the economy of Oyo state and the country, at large.

In his remarks, the chairman of the steering committee, Oyo NG-CARES, Mr Akinola Ojo stressed the need for the beneficiaries to judiciously utilise the funds, bearing in mind its multiplier effect on their businesses.

In the same vein, the state commissioner for Budget and Planning, Professor Musbau Babatunde said the state government looked forward to testimonies of the impact of the grant on businesses in months to come.

Speaking, Oyo State Manager, BOI, Mr Cyril Anyanwu assured that the beneficiaries will get their accounts credited almost immediately.

He lauded the Oyo State government for keying into the NG-CARES programme meant to relieve people of the burden of COVID-19.

Some of the beneficiaries to include Havilllah Foreboding, and Cornerstone Educational Consult lauded the NG-CARES as touching the existence of businesses and the needs of the poor

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