Oluwo lauds FG intervention loan, cautions beneficiaries against defaulting

The Oluwo of Iwoland, Oba Abdulrosheed Adewale Akanbi, has applauded the federal government`s intervention loans for traders, saying the gesture will mitigate the economic hardship in the country to a manageable portion.

Oluwo called on business oriented individual to disclose their interest in the loan to boost the country`s economic power but warned against defaulting.

Oba Akanbi in a press statement by his media aide, Mr Alli Ibraheem, stated this at the orientation programme for the prospective beneficiaries of the loan held recently at Oluwo`s palace powered by the Managing Director of   D2RS Group, Mr. Olufemi Orioke.

Oba Akanbi pointed the economic heat of the country calls for all levels` revitalization process through productive engagement to boost the exporting tendencies, reiterating industrial expansion as one of the leading panaceas to the nation`s economic quagmire.

Oluwo lauded the government for discovering the gap and filling it, disclosing most loans in time past were exclusive for big companies and influential business men who end up diverting it to non productive engagement.

The traditional ruler appealed to beneficiaries to represent the virtue of their respective domain by respecting the repayment agreement devoid of defaulting.

He therefore, drummed his support for the partnering firm (D2RS Group) for her service to humanity in putting smiles in people’s faces.

“The interest free loan initiated by the federal government for small businesses is commendable and hopes for Nigerians as its stand the capacity to checkmate the recession in the country. With such loan, the grassroots` production rate will improve and in essence, boost the dwindling economy of the nation. And further alleviate the suffering of the entire populace” said Oluwo

Disclosing the target of the loan, the MD of D2RS, Mr. Olufemi said the loan scheme is part of the special intervention programme of the federal government of Nigeria to checkmate poverty among the populace and boost the country`s production power by extending accessibility of loan to interested individual devoid of strict barrier via credible channel.

Olufemi added the impact of small business in nation`s economy is needed, hence, the scheme was initiated in partnership with D2RS to provide capital ranging from #10,000 to #100,000 for market women, traders, artisans, enterprising youths, small scale farmers and agricultural workers nationwide to be repayable within six months.

He further disclosed that the loan is a non-interest with simple protocol of registration and a recognized/registered market or trade association couple with verifiable business location.

Olufemi confirmed the testimonies of previous beneficiaries have encouraging, beseeching prospective borrowers to be sincere by respecting the agreement.

“The loan is non interest sponsored by the Bank of Industry (BOI), simple and easily accessible. Just for market women, artisans, traders, small scale farmers to raise their respective living standard and improve the country`s economic value. The loan ranges from N10,000 to N100,000 repayable within 6months”.

The Manager of Iwo partnering firm, Bright Consult, Mr. Yusuff Adewuyi admonished the beneficiaries to convert the financial dependency to independent asset of theirs through business upgrade and sincerity in repaying the loan. He added the aid is facilitated by the federal government of Nigeria, pointing that government loan must be respected on agreement.