BoI/Oyo scheme disburses N192m to 30 beneficiaries

Bank of Industry (BoI) in partnership with Oyo State government has so far disbursed N192 million out of N1 billion under the Micro, Small and Medium Enterprises (MSME) Fund scheme to 30 beneficiaries in the state.

The scheme, which is a collaboration between BoI and Oyo State, was flagged off in 2012. It was learnt that 24 other applicants will collect their cheques in the next few days, which is almost N200 million.

According to Folakemi Akinleye, head, Bureau of Investment Promotion and Public-Private Partnerships in the office of Oyo State governor, initially 54 applications were processed and cleared for the loans but 24 of them did not meet some conditionalities and they have to go through their forms again and corrected some of the missed out things, so in the next few days, they will collect their money.

Akinleye, who spoke at an interactive session with stakeholders in Ibadan, disclosed that 262 applications were being processed presently for people to obtain the remaining over N600 million.

Some of the beneficiaries are into chalk making, recycling of plastics, ice block making, fish feeds, fish drying, tailoring, among others. They can access the fund by being members of the various cooperative societies and other SMEs.

Akinleye, who is also the special adviser to the governor on investment, however said the scheme would help MSME to grow from subsistence to the next level.

Akinleye added that it was an opportunity for small business owners who could not have access to funds from banks in the country to expand.

The Governor Abiola Ajimobi-led administration, she pointed out, entered into the collaboration to grow small scale businesses adjudged to be employers of labour and as well as industrialise the state.

While saying that the state government is targeting 5,000 jobs from the sector, she revealed that beneficiaries of the scheme cut across all the three senatorial districts with equal opportunities once they meet the conditions.

Imole Ejiowuro, public manager, BoI, said with the monitoring by the bank, beneficiaries had been paying back the loans regularly.

Two beneficiaries Oludare David Adeyemi of Dafyem Company, who is into recycling of nylons, plastic and zinc, and Olagunju Olamide of Borejak Ventures, who deals in ice-block making, who spoke with BuinessDay, thanked the BoI and the state for the loans, saying the gesture was capable of eliminating poverty.

The duo said it would also create employment, as their staff had risen to 12 and four, respectively.

REMI FEYISIPO