The Kwara State government says about N16.3 million has so far been disbursed to cooperatives societies across the State in 2016 under its Micro Credit Intervention Scheme launched in March 2012.
Technical Adviser to the Governor Abdulfatah Ahmed on Small and Medium Enterprises Development, Mr. Olusegun Soewu disclosed this on Monday during an interactive session with stakeholders in Ilorin.
He noted that the state government had injected a cumulative of N1.597 billion into the scheme since 2012, adding that a total of 1, 848 cooperative societies had benefited from the scheme.
Mr. Soewu said that disbursement is being done through selected micro-finance banks that are based within the operating environment of the target beneficiaries. The participating micro-finance banks are referred to as partnering banks.
According to him, the target beneficiaries of the scheme include men and women who have existing businesses, youth with workable business ideas or requisite skills, enterprising women in the rural areas and cooperative societies with traceable business records.
The Technical Adviser further stated that 53 associations under the aegis of Artisan Congress of Kwara State had benefited from the scheme, adding that about 150 taxis, 25 buses, and 193 motorcycles had been given out to beneficiaries across the state.
He also added that over 160 farmers’ associations across the State with not less than five farmers each had also benefited from the micro-credit funding under the Off Taker Demand Driven Agriculture Scheme of the state government.
Mr. Soewu assured that administration of Governor Ahmed would continue to promote the informal sector of the economy by providing credit funding for small enterprises and cooperative societies to stimulate commerce, trade and economy of the State