Kwara Govt awards interest-free loan to 170 business owners

The Kwara Government on Thursday awarded 170 young business owners in the state with interest-free loans to grow their businesses.

Gov. AbdulRahman AbdulRazaq said this at the end of a capacity building and training workshop in Ilorin.

AbdulRazaq said the loan was geared towards empowering young people and driving inclusive growth.

He commended the youngsters for their brilliant ideas and their courage to have their pitches assessed by an independent panel of judges, assuring them of continuous government support and mentorship as their businesses grow.

He urged the young entrepreneurs to use the funds judiciously and repay the loans for others to benefit from the scheme.

“We made sure this is not business as usual. It is fair, open, thorough, and nonpartisan. A total of 170 businesses out of 7,202 applicants emerged from a rigorous screening process.

Read Also:FEC approves N16bn for erosion control in Jigawa, Kwara, Ogun, 9 other states, FCT

”The exercise included online applications, verification of businesses/ideas, and physical interviews.

“It is an unprecedented experience to see our young people pitching for funds for businesses. This was not the case before.

”But I am glad to note that our administration has succeeded in encouraging enterprise and dignity by introducing ‘Kwaprenuers’.

“This initiative aligns with the global demands for sustainable youths engagement and empowerment to widen the economic base of the state.

“I do not doubt that this crop of young people will succeed with the arrays of training they have undergone on business management, growth, and development, strategies, and sustainability, among others.

”This will ultimately make them become employers of labour to drive improved revenue and economic development of the state.

“We appreciate Fidelity Bank and Wootlab Innovations for their support every step of the way.

Read Also:Police confirm killing of pregnant woman , abduction of husband by gunmen in Kwara

”Our plan remains to build on the success of the first phase, thereby promoting commerce and trading, as part of our grand strategy on youths engagements and inclusive growth.

“However, its fundamentals are dictated by the global economic realities, revenue projections, and the sincerity of the beneficiaries to repay the non-interest loans as and when due.

“Our commitment to prudent management of public resources remains unshaken.

”We will at all times prioritize the welfare of the people who have entrusted us with their mandate, while every segment of our society is accorded their right and privileges.

“I congratulate all the successful businesses and wish them the best,” AbdulRazaq said.

Mr Femi Olanrewaju, a beneficiary, appreciated the state government for the initiative, adding that he was ready to change the economy of the state and the nation through his fish farm business.

Another beneficiary, Mr. Mutolib Issa, a locust beans producer, thanked the governor for the opportunity to benefit from the loan.

Issa said the loan would go a long way to help him improve the production of locust beans popularly known as ‘iru’ in the state.

Read Also:Google earmarks $6m for female startups, entrepreneurs in Africa

The News Agency of Nigeria (NAN) reports that the winners got between N250,000 and N3 million to start or strengthen their businesses.

NAN also reports that the loans were awarded under ‘Kwapreneurs’, a state government’s entrepreneurial platform designed to support initiatives of people under 35 years.

The Kwara Social Investment Programme office coordinated the initiative alongside Fidelity Bank. (NAN)