No fewer than 100 residents of Alimosho Federal Constituency have been given loans worth N4 million to boost their businesses and startups by the Lagos State Commissioner for Tourism, Arts & Culture, Pharm (Mrs) Uzamat Akinbile-Yussuf.
The financial facility which has three months moratorium before repayment is the third in series of the Commissioner’s empowerment programmes which are earmarked for her constituency in the year 2020.
Beneficiaries received various sums, with the highest being N 1 million received by Omobolaji Sherifat.
The commissioner said: “This loan is interest-free with three (3) months moratorium before repayment and the beneficiaries are residents in Alimosho who need a little amount of capital to start-up or support their business.”
” The act of giving back to the society especially through empowering the less privileged is part of my calling. This time around, about 100 residents are beneficiaries after successful verification of their credentials and convinced they are in dire need of the fund”.
She noted that this will further complement efforts of the state government to cushion the effect of Covid-19 on their businesses which has significantly affected all sectors of the economy globally.
The commissioner stated that the loan facility is without collateral, but it is expedient on the borrowers to pay promptly as at when due.
One of the beneficiaries, Sodeeq Lateefat, described the loan as a welcome initiative and a great opportunity for her to boost her businesses.
Akinbile-Yussuf, had last month organized a capacity building and leadership training programme for 100 youths in Alimosho Local Government Area of the state.
Six participants who emerged as Moremi youth ambassadors received a sum of N50,000 as seed grants for their community-based projects at the event. The overall winner is Adelakun Babatunde got N100,000.