This was part of efforts to mitigate the effects of subsidy removal on the residents of the state.
The state Commissioner for Budget and Economic Planning, Professor Musibau Babatunde, stated this in a press release.
The N500million loan is a component of the Sustainable Actions for Economic Recovery (SAfER) initiated by Governor Seyi Makinde in the wake of fuel subsidy removal and the floating of the exchange rate, which resulted in a steep rise in prices of commodities.
Babatunde, who is also the chairman, SME Loan Support sub-committee of the SAfER Programme, said the loan was with a view to stabilising the people and boost the economy.
“The SME loan support which comes at a single-digit interest rate and with a flexible repayment plan is for all categories of micro and small-scale business owners.
“Interested small and micro-businesses in the state should pick up the form for free in designated microfinance banks in each of the seven geo-political zones in the state, the commissioner stated.
He listed the microfinance banks to include Full range Microfinance Bank, Old Zenith Bank Building, Iwo Road, Ibadan; Isale Oyo Microfinance Bank, Oyo Town;
Excel Microfinance Bank, Eruwa; NUT Oke Bola Microfinance Bank, Oke Ado, Ibadan; Caretakers Microfinance Bank, Caretaker, Ogbomoso.
The other two microfinance banks where the loan can be accessed, he stated in the release, are Kadupe Microfinance Bank, Saki and Ebedi Microfinance Bank, Iseyin.
