As part of the plan to ensure Micro, Small and Medium Enterprises (MSME) remain afloat during post-COVID-19 in Oyo State, the Governor, Seyi Makinde, has disbursed N1 billion to MSMEs to assist them to boost their businesses.
Makinde said that the N1 billion MSMEs Development Fund is part of the state government post-coronavirus economic recovery plan initiated as a palliative to business owners.
In a statement on his official social media handle, the governor stated that the N1 billion Micro, Small and Medium Enterprises (MSME) development fund was launched yesterday.
“This injection of funds into Small and Medium scale enterprises is part of our Post-COVID-19 Economic Recovery Plan.
“We are executing this intervention through the Oyo State Investment and Public-Private Partnership Agency (OYSIPA) to reach MSMEs across the 33 Local Government Areas in the state.
“This fund will provide loan facilities of up to N3 Million per MSME. It will be disbursed through Microfinance Banks at a single-digit interest rate”, Makinde added.