No fewer than 100 residents of Alimosho Federal Constituency have been given loans worth N4 million to boost their businesses by the Lagos State Commissioner for Tourism, Arts & Culture, Mrs Uzamat Akinbile-Yussuf.
The aid, which has three months moratorium before repayment, is the third in the series of the commissionerโs empowerment programmes earmarked for her constituency this year.
Beneficiaries received various sums from N100,000 upward, with the highest being N1 million received by Omobolaji Sherifat.
The commissioner disclosed that the residents of her constituency are sole beneficiaries of the loan facility.
She said: โThis interest-free loan to residents in Alimosho who need a little capital to start-up or support their business is an act of giving back to the society, especially through empowerment of the less privileged. We expect beneficiaries to pay back according to the terms agreed with the handlers so that other people can benefit from the scheme.โ
She noted that it would further complement the efforts of the government to cushion the effect of COVID-19 on their businesses, which has significantly affected all sectors of the economy globally.
One of the beneficiaries, Sodeeq Lateefat, said: โThis loan is a welcome initiative and a great opportunity for me to boost my business.โ (Guardian)