The Edo State Government has signed a Memorandum of Understanding with LAPO Microfinance Bank for the disbursement of N300m to Micro, Small and Medium Enterprises across the 18 Local Government Areas in the state.

According to the Secretary to the Edo State Government,

Osarodion Ogie, who signed the MoU on behalf of the state, microfinance schemes are the engine room of any economy.

Ogie, who commended the board of Edo MSME Funds, the management of Edojobs and LAPO Microfinance Bank, appealed to all beneficiaries to make use of the loan facilities judiciously, as it was not a grant but a revolving loan that must be paid back.

The Executive Director of Corporate Services, Gloria Bako, who signed for LAPO, commended the state government’s commitment to youth development and pledged a sustained partnership with the government.

She said, “We are humbled by this great task the EdoState Government has given to us, and it is an indication that the government is concerned about the people that they govern.

“It also shows that the government is concerned not only about empowering business owners but also doing a lot for the development of youths in terms of skill acquisition. We want to thank the state government for the confidence reposed in our organisation for the disbursement of loans to MSME.”

She, however, appealed to would-be beneficiaries to make good use of the loan for the betterment of their businesses.

Earlier, the Chairman of the Advisory Board of the MSME Fund, Peter Obaseki, commended the government for its sustained support of small businesses in the state.

Obaseki said the loan was part of the social transfer scheme to empower residents in the state, and it must be disbursed to all political wards and units in the 18 LGAs of the state.