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Kwara Flags-Off N250m Micro-Credit Scheme For SMEs

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ILORIN, March 30, (THEWILL) - The Kwara State Government has flagged-off of a N250million micro credit intervention scheme for Small and Medium Scale Enterprises (SMEs) designed to strengthen the capacity of cooperative societies to contribute to boost economic activity in the state.

Speaking at the flag-off, the State Governor, Alhaji Abdulfatah Ahmed said the intervention scheme was part of his administration’s effort to create Shared Prosperity through the economic empowerment of small business owners and artisans in the state.

“We are determined to accelerate the capacity of SMEs to become major players in the economy of Kwara State”, said the governor who stressed the informal sector's critical role in economic growth and development. Alhaji Ahmed said the N250 million was the first tranche of a N500 million fund designed to boost entrepreneurship and enhance the economic well-being of people of the state, stressing that another N750million would be made available to small holding farmers in the state in order to promote food security and wealth creation.

Alhaji Ahmed who described the scheme as a unique opportunity for SMEs and cooperatives to grow their businesses, advised the beneficiaries of the scheme, who he said were selected after rigorous analyses of application and due process, to use the fund for productive ventures capable of creating shared prosperity through job and wealth creation.

The State Commissioner for Commerce and Cooperatives, Alhaji Saka Onimago said the loans would be disbursed to the cooperative societies through ten preselected Micro Finance Banks in order to ensure transparency and accountability. Alhaji Onimago expressed the hope that revolving loan scheme will reposition small scale enterprises for the economic transformation of Kwara State.