The Ogun State Governor, Prince Dapo Abiodun has approved a revolving loan facility of five hundred million naira to cater for the development of the micro small and medium scale enterprises in the state.
Governor Dapo Abiodun who made this known during the celebration of the year 2022 International Community Day and World Trade Day celebrations held at the MKO International Stadium, Abeokuta, said that the scheme which will be launched before the end of the year will help the people of the state put their businesses in good shape.
Abiodun while urging the eventual beneficiaries to adhere strictly to the terms and agreement of the facility so that other people can enjoy the facility, said that his administration has also approved an increase in grant-in-aid ranging from five hundred thousand Naira to five Million Naira.
Governor Abiodun who also noted that under the new grant-in-aid approved by his administration, the least any community development association will go home with is five hundred thousand Naira.
" For our trade and artisan groups, I have directed that a revolving loan facility of five hundred million naira (500,000,000) be instituted to cater for the much needed micro small and medium scale enterprises financial support.
" I have also approved the increase of what we call grant-in-aid of sums ranging from five hundred thousand Naira to five million naira to Fastrack this partnership that has been affirmed to be working.
" Under this new grant-in-aid, the least any community development association so selected will go with today is five hundred thousand Naira and this is unprecedented.
" Similarly, I have also approved up to five million naira as ceiling for any project considered really outstanding and grant aided, this are our contributions to support the effort of the community," he said.
In his address, the Commissioner for Community Development and Cooperatives; Hon Abayomi Hunye while noting that grant-in-aids would be given to worthy self help projects Community Development Associations across the state, likewise said that subventions, administrative grants would also be given to four hundred and eleven(411) area CDC's, twenty(20) zonal CDC's, three(3) Senatorial CDC's, state council caretaker committee as well as subventions to trade councils.
Hunye while acknowledging Governor Dapo Abiodun for the release of One hundred and Fifty Nine Million Naira (159,000,000.00)as grant-in-aids subvention and Seven Million, Five Hundred Thousand Naira (7,500,000.00) for the celebration of the trade associations day, added that the present administration in the state will continue to empower the spirit of community development through disbursement of grants, provision of human and material resources and development of public infrastructure.
Highlights of the celebration Include the decorations of the Speaker, Ogun State House of Assembly, Rt. Hon Olakunle Oluomo as patron and Governor Dapo Abiodun as the grand patron of the Community Development Council as well as the presentation of Five Million Naira cheques to some community development associations.
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