Ekiti state government in partnership with the Access Bank Plc has launched N1 billion loan initiatives for women-led businesses in the state.
Speaking at the launch of the Women Initiative loan programme on Tuesday, July 9, in Ado-Ekiti, Ekiti State capital, Governor Biodun Oyebanji, said the scheme tagged the EKSG/Access Bank Women Initiative Loan, was primarily designed to provide seamless and accessible loan for female business owners in the state.
The governor added the initiative would expand scope of women’s accessibility to soft loans and unlock other financing opportunities for women-led business to bolster micro, small and medium scale enterprises.
Oyebanji who was represented by the Deputy Governor, Mrs Monisade Abuse said that rather than paying 35% interest on the loan the state government would be subsiding by 25% while beneficiaries would shoulder 10% for them to repay the money with ease.
He added that the intention behind the initiative was to ensure that women entrepreneurs are lifted through loans, so that they can contribute meaningfully to the economic growth of the state.
“This is not a national cake, this is your working capital. Taking this loan and pay back will provide opportunity for other women, so don’t default. Don’t forget that you have guarantors and if you default, they are going to be the ones to be held liable”, he warned.
The Managing Director of Access bank, Mr Roosevelt Ogbonna said the initiative was part of the roadmap designed by the financial institution to empower women being the foundation of the society and driving force for economic growth.
Ogbonna represented by the Regional Director, South West, Mr Bolaji Aboderin noted that the collaboration will enhance access to funds, stimulate job creation and capacity building for women.
He added that the initiative launched in 2014 has in no small measure helped the growth of MSMEs in states, which he said has made the bank the preferred financial institution for public-private programmes.
He said: “We are honored to collaborate with the State Government to enhance access to finance, promote capacity building, and stimulate job creation for women MSMEs in Ekiti State.
“By empowering women entrepreneurs, we support businesses, uplift families, and foster an inclusive and prosperous society. We are confident that this initiative will inspire a new wave of entrepreneurial spirit, drive economic growth, and create lasting wealth for the people of Ekiti State.”
The state Commissioner for Trade and Investment, Omotayo Adeola, revealed that the loan is principally for women in business with 10% interest rate.
She said that business owners operating micro businesses can access a sum of N100,000, while the second category can access N500,000, and those operating at marco level can access between N 1m and N2m.
