Kwara approves interest-free loans for 21,623 traders

Governor of Kwara State, Mr AbdulRahman AbdulRazaq has reportedly approved the disbursement of interest-free microfinance loans to 21,623 petty traders in the state.

The Chief Press Secretary to the Governor, Mr Rafiu Ajakaye, in a statement on Thursday, said the initiative was a component of the Kwara State Social Investment Programme, adding that the first phase of disbursement would last five weeks, Punch said.

The statement quoted the anchor of the programme, Mr Mohammed Brimah, as saying, “The disbursement of funds to the beneficiaries of the Owo Isowo begins today (Thursday). We are looking at disbursing to 21,623 persons for this phase.

“Owo Isowo is an interest-free loan of a minimum of N10,000. The beneficiaries are to pay back over six months in bits that are comfortable to them. It is to support our petty traders in up-scaling their businesses.”