Kwara distributes N268m soft loan to artisans, traders

The Kwara State government has disbursed N268.6 million to 3,740 artisans and small business owners under its Micro-Credit Intervention Scheme for Small and Medium Scale Enterprises.Speaking with journalists in Ilorin, the Senior Special Assistant to the Governor on Media and Communication, Dr. Muideen Akorede, said the amount represented the first tranche of the N500 million intervention launched by Governor Abdulfatah Ahmed last April.He said a breakdown of the figure showed that the money was disbursed to 374 beneficiary cooperatives, comprising multipurpose societies, farmer associations, FADAMA associations, transporters and artisans.The state government said the N268 million was disbursed through the 10 microfinance banks shortlisted for the exercise by the state government during the launch of the Micro Credit Intervention Scheme by Governor Abdulfatah Ahmed last April.The state government commended beneficiaries for keeping to the repayment schedule, adding that another set of beneficiary cooperatives will soon be empowered under the scheme.Government also announced plans to implement the next stage of the scheme which is targeted at providing micro credit to enterprenuers across the state as part of the government's efforts to enhance the capacity of Small and Medium Scale Enterprises to economically empower the people and stimulate economic development under Shared Prosperity.It will be recalled that Governor Ahmed flagged oof the N500 million scheme in April with a pledge to boost the capacity of SMEs in the state based on their strategic role in economic development.He also announced plans to accelerate commercial farming in the state with a N750 million intervention scheme for farmer cooperatives.Already, government has started verifying the farmer groups as a prelude to disbursing the funds to qualifying farmers.
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