Ondo State Governor Olusegun Mimiko has disbursed N25 million to 70 young agro-farmers and agricultural entrepreneurs to enable them start their own agricultural ventures.
Mimiko noted that it was in line with his administration’s resolve to support micro and small businesses, create wealth and increase food production in the state.
The loan is at a single interest rate of 2.5 per cent for a period of two years with a moratorium period of six months.
The governor, who was represented by his Chief of Staff, Dr Kola Ademujimi, at the disbursement, said that the administration through Ondo State Micro Credit Agency (OSMA) has disbursed about N3 billion under different schemes, targeting market women, artisan groups and small businesses.
According to him, over N1.5 billion was disbursed directly by the state government and another N1.4 billion had been disbursed under the ODSG/CBN MSME loan scheme.
The Cocoa Revolution Project of the State government, he said had improved the quality and quantity of cocoa production leading to the establishment of Sunshine Chocolate Factory which aimed at adding value to cocoa beans production in the State.
He, therefore, charged the beneficiaries to use the funds judiciously and for its purpose, saying that all funds given would be repaid because there is a monitoring team in place to ensure repayment.