The Ekiti State Government in partnership with Access Bank PLC has launched N1 billion discounted loan scheme for women traders and entrepreneurs as part of efforts to expand their businesses in the State.
The scheme tagged, the EKSG/Access Bank Women Initiative Loan was designed to provide financial solutions and empowerment for women in Micro, Small and Medium Enterprises (MSMEs) and entrepreneurs across the State.
Speaking during the launch on Tuesday in Ado-Ekiti, Roosevelt Ogbonna, Managing Director of Access Bank PLC, explained that the scheme was designed to give opportunities for market women and entrepreneurs to expand their businesses through access to discounted loans.
Represented by Bolaji Aboderin, the Regional Director, Branch Banking, Southwest, Ogbonna noted that women play a critical role in the development of any society, adding that Access Bank in collaboration with the State Government was determined to empower the women to drive economic growth.
He said that the initiative launched in 2014, had in no small measure helped the growth of MSMEs and the creation of jobs in the Country, which he said, had made the bank the preferred financial institution for public-private programmes, fostering sustainable development.
“We are honoured to collaborate with the State Government to enhance access to finance, promote capacity building, and stimulate job creation for women MSMEs in Ekiti State.
“ The Ekiti State Government-W Initiative Loan Scheme provides a robust framework for supporting micro-enterprise start-ups, micro-enterprises, and SMEs, addressing the critical need for financial inclusion, and promoting sustainable economic development.
“ By empowering women entrepreneurs, we support businesses, uplift families, and foster an inclusive and prosperous society. We are confident that this initiative will inspire a new wave of entrepreneurial spirit, drive economic growth, and create lasting wealth for the people of Ekiti State”, he said.
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Responding, Governor Biodun Oyebanji of Ekiti State, who commended the bank for partnering with the State on the initiative, said that it would expand the scope of women’s accessibility to soft loans to propel their businesses.
The governor, who was represented by Monisade Afuye, his deputy, said the ingenious measure was to propel the beneficiaries’ businesses and for them to break even under the current harsh business environment, saying his Government had also put adequate security measures in motion to protect investments and businesses in Ekiti.
“This programme was to bridge the gap being experienced in our women having access to loans in Ekiti. I want to appeal to the beneficiaries to make good use of this loan.
“It is a revolving loan and not part of what you can consider as a share of the national cake. You have to pay back so that others who are still yearning for it can also have access. The state government decided to enter into this agreement with Access Bank so that we can improve on the development of MSMEs in Ekiti”, the governor said.
