Speaking at the launch of the Women Initiative loan programme on Tuesday, July 9, in Ado-Ekiti, Ekiti state capital, Governor Biodun Oyebanji, said the scheme was primarily designed to provide seamless and accessible loan for female business owners in the state.
Oyebanji who was represented by the Deputy Governor, Mrs Monisade Abuse said that rather than paying 35% interest on the loan the state government would be subsiding by 25% while beneficiaries would shoulder 10% for them to repay the money with ease. “This is not a national cake, this is your working capital. Taking this loan and pay back will provide opportunity for other women, so don’t default. Don’t forget that you have guarantors and if you default, they are going to be the ones to be held liable”, he warned.
He added that the initiative launched in 2014 has in no small measure helped the growth of MSMEs in states, which he said has made the bank the preferred financial institution for public-private programmes.