5,000 get loan to boost business in Ondo

THE Ondo state Government at the weekend disbursed a sum of N335.4m as loan to  5000 beneficiaries of the second batch of the state government’s Micro, Small and Medium Scale Enterprises Development Fund initiative. 

  This is coming barely a month after the government disbursed N195m to 1,430 beneficiaries under the N2bn development fund scheme.

    The state Governor, Dr Mimiko while speaking at the disbursement ceremony which witnessed a large turnout of people, described the event as another giant stride towards delivering dividends of democracy to the greatest number of the people.

     He  stressed that the scheme was part of his administration’s agenda at

alleviating poverty and granting  access to legitimate loans towards

boosting micro, medium and small scale businesses.

      Mimiko explained that about N1.3bn had been disbursed to different trade

groups in the State since the inception of his administration in 2009

through various loan schemes instituted by the State government.

      According to him, a sum of N485.2m had been disbursed to about 10,000

beneficiaries  under the Special Market-Women Improvement Loan and

Empowerment Scheme (SMILES), under the Special Transformative Artisans

Repositioning Scheme (STARS) a sum of N424.6m was disbursed to 7,850

beneficiaries while 335 widows of the fallen heroes had benefited from about N22.7m under Widows Resettlement and Empowerment Scheme (WIRES).