Adeleke Increases Revolving Loans To N3.4bn

Osun State governor, Senator Ademola Adeleke has increased the capital of the revolving loans to cooperative societies in the state from the initial N1bn to N3.4bn to the delight of stakeholders.

Speaking at the flag-off of the distribution of the fund, Adeleke said this was done with a view to improving Small and Medium Scale Enterprises in the state for an overall economic growth.

He said his administration has also taken steps to deepen the training of cooperative professionals to improve the capacity of cooperative societies for them to survive and thrive.

Speaking further at the programme held at Ife City Hall in Ile-Ife, the governor said funds have been released for the rehabilitation and upgrading of Ode-Omu Cooperative College and work has since commenced.

He said steps have also been taken to link the Ode-Omu Cooperative College and the state universities to enhance academic exchange in relevant fields of study.

The governor then urged those targeted for the first phase of the loan to invest it judiciously in their businesses by starting somewhere or adding the fund to existing businesses.

Earlier, the commissioner for Cooperative and Empowerment, Prince Adebayo Ogungbangbe said the loan which is interest-free is designed to empower small scale traders, artisans, farmers, market men and women to stimulate the economy.

He emphasized that it is hoped that the funds would be managed judiciously to ensure the success and sustainability of the initiative across the state.