The Ondo State Government on Monday distributed N57 million to different associations in the state under the Apalara Micro-Credit Scheme to boost their businesses.
Mrs Betty Akeredolu, the wife of the governor, who flagged off the disbursement, said credit was a veritable tool all over the world to power economic growth and reduce poverty.
She said the only challenge facing the “ hardworking and highly productive” people of the state was sourcing for fund to finance their developmental and business projects.
“It is in view of this that the present administration under the leadership of Oluwarotimi Akeredolu placed much emphasis on the provision of soft loans for the worthy people of the State through the Ondo State Micro Credit Agency (OSMA) and other programmes of the state government with a view to making the good people of Ondo self-reliant.
“I am happy that our women are not taking the back seat among the beneficiaries of these facilities provided by government.
“It is on record that the women of Ondo are very responsive in terms of loan repayment thus, ensuring that credit delivery programmes in Ondo are sustainable,” he said.
She advised the beneficiaries to utilise the loan for the purpose for which they were granted and ensure prompt repayment to allow others to benefit.
The newly appointed Chairman of OSMA, Kosemani Kolawole, expressed appreciation to the governor for the appointment.
According to her, the appointment has availed her the opportunity to once again contribute her quota to the development of the state.
Kolawole promised to justify the confidence reposed in her as chairman and solicited for support and cooperation of major stakeholders in the agency.
A beneficiary and member of Sunshine Rice Farmers Association, Mr George Oladapo, described the initiative as indicative of government’s commitment to boosting small scale businesses in the state.
Oladapo said beneficiaries would put the money into good use and pay back according to schedule.