Big news for traders in Ikorodu! A Lagos lawmaker just launched a game-changing, interest-free loan scheme. Get ready to find out how this initiative is set to boost businesses and uplift the entire community!
Quick Overview
- Interest-Free Loans: Traders in Ikorodu get a chance to access loans without interest, thanks to Hon. Gbolahan Ogunleye.
- First Bank Partnership: The scheme is powered by First Bank of Nigeria, ensuring smooth and reliable management.
- Community Upliftment: The goal? To boost socio-economic conditions and empower residents.
- Expansion Plans: The program aims to reach even more markets across the Ikorodu division.
Lawmaker’s Generous Move: Interest-Free Loans for Ikorodu Traders
In a move that’s making waves, Mr. Gbolahan Ogunleye, representing APC-Ikorodu 1, kicked off an interest-free loan program for traders in his constituency. This initiative aims to give local businesses a major boost, improving the lives of residents in the area.
Teaming Up with First Bank to Fuel Local Businesses
This fantastic scheme is a collaboration with First Bank of Nigeria. The first phase is all about supporting traders right in Mr. Ogunleye’s constituency. But that’s not all – there are big plans to roll out the loan program to markets throughout the entire Ikorodu division!
A Promise Kept: Boosting Trader Capital
“Providing an interest-free loan to market women is borne out of the need for me to help the traders in form of capital to help their businesses. This is in fulfilment of a campaign promise to set aside an amount to be used as revolving interest free loans to traders in my constituency,” Ogunleye stated with enthusiasm.
Strategic Framework: Working with Ikorodu’s Market Leader
Ogunleye highlighted that discussions with the Iyaloja General of Ikorodu division were crucial in shaping the framework for this initiative. By working closely with market leaders, the program is tailored to meet the specific needs of local traders.
Looking Ahead: Continuous Support for the Community
The lawmaker is committed to serving his constituents through impactful initiatives. “I intend to continue serving my constituents through initiatives that positively impact their livelihoods,” Ogunleye affirmed. This loan scheme is just one piece of a larger vision for community development.
Responsible Lending: Ensuring Program Sustainability
Ogunleye urged beneficiaries to use the funds responsibly and make timely repayments. “Mechanism has been set up to monitor the disbursement to traders to address the issue of no refund,” he explained, emphasizing the importance of keeping the program sustainable for future beneficiaries.
Iyaloja’s Blessing: Acknowledging the Scheme’s Potential
Princess Busola Isikalu, the Iyaloja General of Ikorodu division, welcomed the loan scheme with open arms. She highlighted its potential to provide crucial financial support for business expansion. However, she cautioned beneficiaries to repay on time to keep the program running, warning that defaulters would face consequences.
Real Impact: Relief for Market Women
Mrs. Ajibike Shokunbi, one of the lucky loan recipients, couldn’t hide her gratitude. She shared that the gesture would go a long way in alleviating the financial challenges faced by market women. This is a testament to the real-world impact of the initiative.
Economic Impact and Further Information
Small and Medium Enterprises (SMEs) play a vital role in Nigeria’s economy, contributing significantly to job creation and economic growth. Access to finance remains a major challenge for many SMEs, making initiatives like this interest-free loan scheme crucial for their survival and expansion. According to a report by the Central Bank of Nigeria (CBN), increased access to credit can boost SME productivity by up to 30%.
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