Business
Poverty Alleviation: Osun NGO Earmarks N500m Interest-free Loan For Grassroots Business Owners
A Non profit-making organization, AYIWOLA is set to provide an interest free loan of 500 million naira to business owners in Ayedire, Iwo and Olaoluwa local government areas of Osun State.
Addressing a press conference on Thursday in Osogbo, the President, AYIWOLA, Mr. Anthony Owolabi said the objective of the interest free loan is to reduce poverty level at the grassroots.
Owolabi said, the fund would be made available to all categories of people at the grassroots, using the various elective units for the sake of easy administration.
He explained that beneficiaries of the interest free loan would be paying back 10 percent of the total sum, every month within a stipulated date.
“We are giving out #500million and within our catchment area, that is Ayedire, Iwo and Ola-Oluwa Local Government Areas popularly referred to as AYIWOLA. This would be officially launched next week Tuesday at Iwo City Hall under the Chairmanship of Asiwaju Khamis Tunde Badmus and Chief Host Oba AbdulRasheed Akanbi Telu I, the
Oluwo of Iwo,”Owolabi said.
Owolabi disclosed that the Cooperative Society had appointed project coordinators for each of the existing 301 political units and 35 wards as well as local government chairmen to supervise the project so as to enhance its efficiency and effectiveness.
The president however appealed to the would-be beneficiaries to abide by the rules of engagement to ensure sustainability of the initiative.
He disclosed that certain mechanism would be put in place to avoid irregular repayment and ensure that the system is not collapsed.
Speaking, the chairman AYIWOLA in Ayedire local government, Afeez Oyesiji dwelled on repayment at stipulated period and urged beneficiaries to adhere strictly and use the fund for the purpose it is meant for.
He said “This project is a certificated programme registered under the law of the State, hence the need for whoever that may benefit from it to go in-tune with the dictates of the law.
“When you borrow, you are expected to pay back within 10 months . When you pay earlier or promptly, you stand to enjoy some benefits, “Oyesiji submitted
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