By Mike Adeyemi
Many traders across Kwara State have accessed soft loans to boost their businesses, National Pilot has learnt.
The credit facility is part of effort by the market leadership in the state to assist traders whose businesses suffered downturn as a result of the economic effect of the COVID-19 lockdown.
Speaking to this medium on the development in her office on Friday, the Iyaloja General of Kwara State, Alh. Adenike Lambe noted that many businesses suffered set back as owing to the coronavirus pandemic.
According to her, “The first wave of COVID-19 hit hard on our businesses and we are yet to get over it. Hence, we deem it necessary to get credit facility for our members to help boost their trades.
“As we are all aware COVID -19 left many businesses in the state insolvent. And as part of efforts to resuscitate our businesses, the market leadership, approached a Microfinance bank for loan in order to boost our businesses and many traders have been captured,” Lambe explained.
She said the loan, which is being accessed by traders across the state, it’s devoid of collateral and has long tenure of repayment.
“The interest on the loan is friendly. Many traders have benefitted. Some were given N300, 000 while others N200,000. It depends on individual trader’s capacity and ability to repay. The bank has made available an easy means of repayment that would not allow default,” she further explained.
The market leader further added that economic activities in the state is yet to pick up fully as the opening of border hasn’t had any effect on prices of goods and commodities.
“Business activities haven’t pickup the way it should considering hike in the prices of goods. Things have not been easy with traders in the state as we all do business with bank loans,” she added.
Also speaking with our reporter in her office, the Managing Director of Confidence Microfinance bank, Helen Boska disclosed that over 30 Kwara traders have so far benefitted from the loan disbursement by the bank.
“The activity of the bank is to give out credit facility to our esteem customers. Over 30 Kwara traders have so far benefitted from our loan schemes.
“They have exhibited willingness to pay back and most of them have not defaulted. It is not as if we earmark certain amount for the traders’ loan.
“It is just a normal customer loan application system whereby you apply, meet up with the criteria and you get your loan. We have not recorded any case of default on loan repayment,” she stated.
