The Osun State government has disclosed that more than 1,366 individuals have benefited from the 3,247,402 billion Naira soft loans made available by the Economic Empowerment Programme.

In a report obtained by the Bureau of Communications and Strategy, Office of the Governor, Ministry of Commerce and Cooperative said the number represents beneficiaries of the micro credit for the year 2016.

The Bureau, in a statement by the Director, Mr. Semiu Okanlawon, said the loans were paid directly to individuals, who belong to registered associations or cooperatives societies to ensure credibility as well as facilitate timely repayment.

The micro-credit scheme is said to be a no-interest loan scheme made available for the development of small and medium scale businesses in the state.

The statement said the loan was targeted at micro-enterprises such as traders, artisans, market men and women and entrepreneurs.

The statement also noted that 1, 366 beneficiaries, with an average of 15 individuals in a group have benefited from the loans, and more people are expected to benefit this year, as the government intends to still expand the micro-credit facilities to go round more businesses.

“This government is poised to make sure that its small and medium scale businesses are developed for the economic growth of the state.

“This was why in 2016, 1, 366 individuals benefited from the interest-free micro credit loan of the government, which is aimed at empowering small and budding business enterprises.

“For the ease of doing business, the government has made the loan interest-free, this will help the repayment of only the principal.

“The government has thus taken up the burden of paying the interest on the loan.”

The statement advised that loans be judiciously utilized by the beneficiaries.

The government also promised to continue the financial assistance as more beneficiaries will be targeted in this year as well.