The Ogun State Agricultural and Multipurpose Credit Agency (OSAMCA), has disbursed loans to 103 Micro, Small and Medium Enterprises (MSMEs), as part of ongoing efforts by the Prince Dapo Abiodun-led administration to strengthen small businesses and drive economic growth in the State.
Permanent Secretary at the State Ministry of Industry, Trade and Investment, Engr. Kehinde Akintomide, during the cheque presentation ceremony at Oke-Mosan Abeokuta, said that beneficiaries were drawn from agricultural, non-agricultural and retail sectors and they received loan facilities ranging from N500, 000 to N2,000,000, with interest rates as low as 7.5 percent for a 6 months tenor, depending on the terms of the facility.
He noted that the disbursement was a strategic intervention by the present administration to ensure the sustained growth and resilience of small businesses in Ogun State.
Akintomide, whose Ministry supervises OSAMCA, urged beneficiaries to utilise the funds responsibly to scale up their enterprises, emphasising the importance of applying the knowledge gained during the mandatory pre-disbursement training to enhance their businesses.
The Permanent Secretary also disclosed the importance of timely repayment, noting that the scheme was a revolving loan designed to benefit more entrepreneurs across the State.
“His Excellency, Prince Dapo Abiodun, is committed to creating a conducive environment for businesses of all sizes to thrive and this loan facility is one of such deliberate efforts to boost small businesses. I urge you to use it to grow your businesses and ensure timely repayment so others can also benefit,” he said.
Earlier OSAMCA Chairman ,Mr. Olukunle Sodehinde in his welcome address, affirmed the Agency’s readiness to lend loans to more credit-worthy entrepreneurs across the State
He however cautioned beneficiaries against diverting the loans to non-business purposes, reiterating that prompt repayment was critical to sustaining the revolving loan scheme.
Also speaking, Director, Planning, Monitoring and Evaluation at OSAMCA, Dr. Abayomi Olutayo, highlighted that the present administration had reduced the agency’s annual interest rate from 18 percent to 15 percent to make funding more accessible, while calling on beneficiaries to reciprocate the government’s gesture by honouring their repayment obligations.
In separate remarks, some beneficiaries, including; Mrs. Comfort Odu, Mrs. Bolanle Olanrewaju and Mr. Rasheed Adewole, commended the present administration for the initiative and pledged to utilise the funds effectively and make repayment as agreed.
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