As part of efforts to alleviate poverty by promoting small scale businesses, an Osun-based non-governmental organization – Ifesowapo (AYIWOLA) Cooperative society (otherwise known as IleriOluwa Cooperators), on Tuesday, flagged off a N500million interest-free loan for residents of Aiyedire, Iwo and Olaoluwa local Government areas of Osun State.
The gesture, under the scheme tagged IleriOluwa Cooperators, is aimed at stimulating the economy, tackling the scourge of poverty, unemployment and galvanizing commercial activities at the grassroots through the provision of interest-free loans to the people to start new businesses or complement the existing ones.
In his opening remark at the event which took place at Iwo, Iwo Local Government Area of the State, the President of the Cooperative Society, Mr Anthony Owolabi, said beneficiaries would get N20,000 for a start, adding that the loans would increase once the first batch is repaid.
He said, “This program is all about attacking poverty at the grassroots level through the Cooperative model. We are looking at a total sum of N500 million to be given out.
“The loan is interest-free and what we want from them is to pay back the loan as at when due so that other people can have the benefit of enjoying the loan.
“For the start, we are giving each beneficiary N20,000 and they have 10 months to repay the loan but they can repay the loan before that 10 months.”
In her advice, the wife of the Minister of Marine and Blue Economy, Mrs Kafayat Oyetola, admonished the beneficiaries to make judicious use of the loan.
Mrs Oyetola while appreciating the organiser of the loan, noted that the money would boost the economy at the grassroots.
The former speaker of the state House of Assembly, Timothy Owoeye, appealed to the beneficiaries not to allow the loan to create a division within the party.
“I want to urge the beneficiaries to make good use of the money and have the mind to repay the loan. They must not allow the loan to create a division between them. The loan should galvanise us as a party.”
