On July 10, 2024, the Ekiti State government, in partnership with Access Bank plc, launched a one billion naira loan scheme aimed at supporting women traders and entrepreneurs in the state. The initiative, named the EKSG/Access Bank Women Initiative Loan, seeks to empower women in micro, small, and medium enterprises (MSMEs) by providing them with financial resources to expand their businesses.
Highlights of the Scheme:
- Loan Amount: N1 billion
- Target Beneficiaries: Women traders and entrepreneurs across Ekiti State
- Loan Features: Discounted loans to support business expansion
Governor Biodun Oyebanji has made it clear that the N1 billion loan is not to be perceived as a share of the “National Cake,” but rather as a targeted effort to stimulate the economy and fully involve women in the state’s development process. The soft loan initiative is specifically designed to empower women, create jobs, and alleviate poverty, thereby mitigating the effects of the harsh economic environment.
The governor who was represented by Deputy Governor Chief Monisade Afuye, emphasized the importance of utilizing the loan effectively to ensure continuous support for other women in the future.
Roosevelt Ogbonna, The Managing Director of Access Bank, who was also represented in the launch, by Bolaji Aboderin, the Regional Director of Branch Banking, South West, emphasized the critical role of women in societal development and the bank’s commitment to empowering them to drive economic growth, and sustainable economic development.
This initiative echoes the proactive measures seen in other states, such as the Abia State government’s ₦1 billion interest-free loan for small businesses and the Lagos State government’s ₦1 billion seed fund for startups through LASRIC. These efforts collectively demonstrate a growing recognition of the crucial role that financial support plays in fostering entrepreneurship and economic development.
At Biz Afric, we believe that such initiatives are vital for addressing the financial barriers that many small and medium-sized enterprises (SMEs) face, particularly women-led businesses. By providing access to affordable loans, these programs enable entrepreneurs to expand their operations, create jobs, and contribute to economic stability.
This focus on women entrepreneurs is particularly significant, as women often face unique challenges in accessing capital. By offering subsidized loans, the EKSG/Access Bank Women Initiative Loan scheme provides an essential platform for women to realize their business potential and drive economic transformation in Ekiti State.