“A total of 1,350 beneficiaries had received N80 million as loans from OSMA from January 2014 till date.”
He said that the loan was given to those who had assured the agency of their eagerness and sincerity to judiciously utilise the fund and pay back in due time.
Ologbese said: “what we do is to give loans to applicants that we have confidence will pay back promptly because the loans are not free gifts.”
According to him, prospective applicants for some categories of the loan should form cooperative societies to enable them qualify for them.
“We encourage them to form groups and there are some conditions attached to the loans such as having a guarantor.”
The general manager said that only a civil servant on salary of GL 8 and above could guarantee an applicant for a soft loan.[eap_ad_2]
The general manager explained that “security/collateral requirement depends on the volume of loan being sought.”
Olegbese said that the least loan that was given was N50, 000, pointing out that an applicant could be granted a loan running into millions of naira, depending on scope of his/her business.
According to him, granting of huge loans to an applicant is at the discretion of the governor of the state.
He rebuffed the rumour that the loans were given to only to members of the ruling party, saying that they were meant to better the lives of all the people.
“The disbursement is done on bases of needs of the people from different groups and parts of the state.”
The general manager urged beneficiaries whose loans were due for repayment to pay back so that others could benefit from the scheme.
He said that the Central Bank of Nigeria was considering assisting Ondo state in some of its economic programmes, because of its laudable efforts to boost the people’s economic base. (NAN)[eap_ad_3]