The Deputy Governor of Ekiti, Monisade Afuye, says the state government, in partnership with Access Bank, has facilitated a N1 billion soft loan for women entrepreneurs in the state.

Ms Afuye said this during a sensitization road walk to major markets in Ado-Ekiti on Monday, hoping that the measure would help to enhance women’s businesses and investments in the state.

She held an interaction with the traders on the essence of the facility, scheduled for launch on Tuesday, July 9.

According to her, besides banishing poverty and combating spiralling unemployment indexes, the governor’s ingenious and well-thought-out policy will elevate female business owners and make them relevant in the economic development strategy of the government.

She also said that the Access Bank loan, initiated by Governor Biodun Oyebanji, would help to expand the scope of women’s access to soft loans to propel their businesses.

Ms Afuye told the prospective beneficiaries that part of the interest on the loan would be borne by the government to make it easier for them to repay.

She said that the government’s intention was to ensure that Ekiti women entrepreneurs were lifted through soft loans so that they could contribute meaningfully to the state’s economic growth.

“I appreciate the governor initiating this partnership with Access Bank to empower businesswomen.

“We thank him for counting women worthy of being empowered as business owners so that they can be relevant in the economic development process.

“What the governor was trying to extend to business had been demonstrated in politics, where women are holding high positions in government. We are all living witnesses to this.

“With this partnership with Access Bank, women can have unfettered access to soft and low-interest-rate loans that can make them owners of flourishing businesses to transform our economy and make them relevant in the scheme of things.

“These loans can be used to establish new businesses or expand existing ones.

“The essence of this is to banish poverty and unemployment and reduce the hardship caused by the current inflation in the system.

“Let me assure our women that the governor is highly desirous of producing a good number of women business owners that can transform the economy of our great state,” Ms Afuye said.

She described the loan as part of the governor’s initiatives to coalesce actions with President Bola Tinubu to check the rising inflation, joblessness, poverty and crime rate in society.

In a remark during the business campaign procession, the Commissioner for Trade and Investment, Omotayo Adeola, said that the loan was principally for women in business, with a 10 per cent interest rate.

Ms Adeola said that the government had entered into an agreement with the bank and showed readiness to pay the remaining part of the interest to ease doing business.

She said the least amount was N250,000, while the second and highest amounts were half a million naira and N1 million, depending on the strength and capital base of their businesses.

“Whoever will be eligible to access the loan must have a guarantor who will stand for the loanee.

“This is not the kind of loan that can be called national cake, it shall be repaid, but the government has made the repayment easier by its decision to pay part of the interest,” the commissioner said.

The walk involved other top government functionaries and Access Bank officials.

They visited Okesa, Oja Oba, Atikankan, Oja Bisi and Irona Markets, where they had direct interface with traders and would-be beneficiaries of the loan.

 (NAN)