The Director General of the Oyo State Investment and Public Private Partnership Agency (OYSIPA) Barrister Tilewa Said Folami, has lauded Governor Seyi Makinde for his support and commitment to small businesses across the state. Barrister. Folami expressed his appreciation during an address at the Ibadan South West Local Government Secretariat, where he spoke to applicants completing their enumeration for the NGCares grants, aimed at assisting small businesses affected by the COVID-19 pandemic.
Mr. Folami highlighted Governor Makinde’s various interventions, which have significantly alleviated the challenges faced by small businesses. He emphasized that OYONGCares is another crucial initiative under the governor’s administration, designed to provide financial relief to small businesses. The program targets businesses with 1-5 employees, 5-10 employees, and those with no more than 25 employees.
The OYSIPA DG further explained that the program consists of two main categories: Credit Grant (3.1) and DLI (3.2) Operational Grants. The Credit Grant is specifically for businesses struggling to repay the loans they took from Micro finance banks or Corporative societies with provisions to assist by covering part of their debt to the banks. Meanwhile, the Operational Grants offer financial support ranging from ₦120,000 to ₦480,000, depending on the number of staff employed by the business.
Barrister. Folami underscored that these initiatives are part of Governor Makinde’s broader efforts to support and sustain small businesses in Oyo State. He assured that the governor remains committed to taking necessary steps to ensure the growth and stability of these businesses.
Accompanying Barrister. Folami during the enumeration exercise were Mr. Akin Makinde, who doubles as Coordinating Director and Program Manager for the scheme. Mr. Wale Bolarinwa, Director ( Policy Coordination and Strategy). at OYSIPA. The enumeration also took place in other selected local government areas across the state.