On Tuesday, July 9, 2024, Ekiti State Governor, Mr. Biodun Oyebanji, launched a one-billion Naira (N1B) soft loan scheme to support businesswomen in the state. This initiative, in partnership with Access Bank Plc, aims to empower women entrepreneurs, create jobs, and enhance the state’s economy.
Speaking at the launch in Ado-Ekiti, Governor Oyebanji stressed that the facility is not a “national cake” to be squandered but a strategic intervention for economic growth. He urged beneficiaries of the revolving loan initiative to utilise the loans responsibly as working capital for their businesses.
Earlier, the Deputy Governor, Mrs Monisade Afuye, had led a road walk on Monday, July 8, to sensitise market women and stakeholders about the scheme’s benefits, encouraging them to leverage the opportunity to improve their businesses.
At the launch, First Lady of Ekiti State, Dr Olayemi Oyebanji, highlighted the initiative’s potential to overcome financial barriers for women entrepreneurs, thereby promoting economic inclusivity in the state. She urged beneficiaries to repay the loans when due, so that everyone can feel the ripple effects of economic development.
The Commissioner for Trade, Industry, Investment, and Cooperatives, Mrs Adeola Omotayo noted that the loans, with a subsidised interest rate of 10% per annum, are designed to support women-led businesses by granting access to capital, a previously significant obstacle.
Mr Bolaji Aboderin, Access Bank’s Regional Trade Manager, commended Ekiti State Government for the initiative and reassured beneficiaries of the bank’s commitment to empowering women as the foundation of society and a dependable weapon for economic empowerment. He remarked, “Access Bank is proud to partner with Ekiti State Government on this laudable initiative. We are committed to providing financial support and advisory services to help these businesses grow and thrive. This program will significantly impact the local economy by creating jobs and empowering women entrepreneurs.”
The governor reassured the public of the government’s ongoing support for similar initiatives promoting economic growth and empowerment in Ekiti State.