NGO To Distribute 500m Interest-free Loan To Over 200, 000 Osun Residents

-Urges Govt To Invest More In Grassroots To Tackle Poverty

As part of efforts to alleviate poverty by promoting small scale businesses, an Osun-based non-governmental organization – Ifesowapo (AYIWOLA) Cooperative society (otherwise known as IleriOluwa Cooperators) has unveiled plans to empower over 200,000 residents of Ayedire, Iwo and Ola-Oluwa Local Government Areas of Osun State.

The gesture, under the scheme tagged IleriOluwa Cooperators, is aimed at stimulating the economy, tackling the scourge of poverty, unemployment and galvanizing commercial activities at the grassroots through the provision of interest-free loans to the people to start new businesses or complement the existing ones.

The disclosures were made by the President, Ifesowapo Ayiwola Cooperative society, Mr. Anthony Owolabi, on Thursday, at a Press Conference held in Osogbo.

Owolabi noted that the initiative was conceptualised to rekindle the people’s hopes and enliven moribund businesses at the grassroots level in the state.

He said the disbursement of the funds would commence next week.

The financial expert, however, advised the Federal Government to focus on investing in grassroots businesses to tackle poverty and grow the country’s economy.

He added that vibrant socioeconomic activities at the grassroots is capable of promoting the Gross Domestic Product (GDP) of the country’s economy.

“We are giving out #500million and within our catchment area, that is Ayedire, Iwo and Ola-Oluwa Local Government Areas popularly referred to as AYIWOLA. This would be officially launched next week Tuesday at Iwo City Hall under the Chairmanship of Asiwaju Khamis Tunde Badmus and Chief Host Oba AbdulRasheed Akanbi Telu I, the
Oluwo of Iwo,”Owolabi said.

The scheme President added that the Cooperative Society had appointed project coordinators for each of the existing 301 political units and 35 wards as well as local government chairmen to supervise the project so as to enhance its efficiency and effectiveness.

In his short remarks, the project Chairman for Ayedire Local Government Area, Alhaji Azeez Oyesiji enjoined interested subscriber to the scheme to use the funds for the purpose it is meant for.

He added: “This project is a certificated programme registered under the law of the State, hence the need for whoever that may benefit from it to go in-tune with the dictates of the law.

“When you borrow, you are expected to pay back within 10 months . When you pay earlier or promptly, you stand to enjoy some benefits, ” Oyesiji submitted.