In a view to tackle poverty and promote the GDP at the grassroot, Ayiwola Ifesowapo Cooperative Society has unveiled plans to give out interest free loans to residents of Osun State.
This was disclosed by the President of the Cooperative society, Mr Tony Owolabi, on Thursday. He said the beneficiaries include residents of Ayedire, Iwo and Olaoluwa and about 200,000 beneficiaries are expected.
He said “The initiative is an NGO arrangement to tackle poverty at the grassroot and it is meant to give interest free loan to people at the grassroot to start any business they can use to earn a living .
“They are expected to pay 10%, minimum of 10 months after the loan is taken”, he explained.
He said the Informal sector are the highest promoters of GDP, it will enable people to be engage in commercial activities, that will promote the economy of the State and Country as a whole.
“We are looking at 500m to give out to 200,000 beneficiaries within Ayewola, Ayedire, Iwo and Olaoluwa”, he disclosed.
He also reiterated that the loans are just to empower the people at the grassroot and not in line with any political activities.
He also encouraged the beneficiaries to try to pay back the loan and not default, and also make use of the loan to empower themselves with businesses that will earn them an income and sustain their way of life.
Representing Ayedire Local Government Area, Afeez Oyesiji emphasized that “the loan is available to all those that want to have a business or have started already, and why its from the unit is because everyone at the units and wards are registered, so its easy to gather all of them “.
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