Governor of Edo State, Monday Okpebholo, has begun distributing an interest-free loan scheme worth N1 billion to the state’s traders and farmers.
During a weekend address to traders at the government house in Benin, Governor Okpebholo stated that the N1 billion loan was part of his campaign commitment to offer traders soft loans.
On his part, the Commissioner for Finance, Emmanuel Ehidiamen Okoebor, stated that the loan would boost the economies of rural and semi-urban areas, create jobs, and reduce poverty in the state.
He said before now, traders would collect loans and pay 10 per cent on N200,000 given to them, noting “for this, there is no interest, you pay back what you borrowed.”
“All 5,000 beneficiaries will get N200,000 each, with a repayment period of 12 months and a one-month moratorium, providing essential breathing space for businesses to stabilise.”
He stated that the loan falls under the category of micro loans, which enables beneficiaries to access amounts ranging from N200,000 to N500,000. This funding empowers them to grow their businesses, invest in inventory, and enhance their livelihoods.
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