Osun MSMEs Support Loans is the Best performing in the country
The number of MSMEs in the State of Osun has increased from 182% in the last seven and half years. This is evident in the massive efforts of the Rauf Aregbesola administration to revamp the economy and boost the Gross Domestic Product of the State.
The Commissioner for Commerce, Industries, Cooperatives and Empowerment, Mr. Ismaila Jayeoba-Alagbada, stated this at a press conference on Monday, noting that the state government has also digitized the operations of its micro-credit agency.
Alagbada said the sterling contributions of the agency in the realm of providing the needed support to varying business owners just as the government has also invested over N5 billion as credit lines to Cooperative societies across the state.
“The Osun Micro Credit Agency was set up in 2013. The agency was fundamentally inaugurated to cater for the provision of interest free soft loans to traders, artisans, market men and women and other entrepreneurs. Starting with an initial sum of N2 billion naira, the agency has been able to provide support for 133 SMEs, 800 cooperative societies and 9,955 individuals across the 30 local government councils and the Area Office in Modakeke.”
Alagbada reiterated that the agency’s loans have emerged as one of the best and most performing in the country as the initiative which has continued to achieve results needs a more vibrant and technological approach revolving with the digital age in its operations.
The Commissioner explained that “with the digital age reforming several agencies, government parastatals and other engagements in the ever changing world, there needs to be a modern idea to how we can help small businesses in Osun through a more secured, efficient and transparent process of securing soft loans to improve their lot.”