In line to support Small and Medium Enterprises across the 18 Local Government Areas in the state, Edo state Government has signed a Memorandum of Understanding with LAPO Microfinance Bank for the disbursement of N300m to businesses.

Osarodion Ogie, the secretary to the Edo State Government, who signed the Memorandum of Understanding on behalf of the state, said microfinance schemes are the engine room of any economy.

Ogie, commended the board of Edo MSME Funds, the management of Edojobs and LAPO Microfinance Bank, urged all beneficiaries to make use of the loan facilities judiciously, as it was not a grant but a loan that must be paid back.

Meanwhile, Gloria Bako, the Executive Director of Corporate Services, who signed for LAPO, urged the Government’s commitment to youth development and promised a sustained collaboration with the government.

She said, “We are humbled by this great task the EdoState Government has given to us, and it is an indication that the government is concerned about the people that they govern.

“It also shows that the government is concerned not only about empowering business owners but also doing a lot for the development of youths in terms of skill acquisition. We want to thank the state government for the confidence reposed in our organisation for the disbursement of loans to MSME.”

Also speaking, Peter Obaseki, the Chairman of the Advisory Board of the MSME Fund, commended the government for its support over small businesses in the nation.

The loan was part of the social transfer scheme to empower residents in the state, and it must be disbursed to all political wards and units in the 18 LGAs of the state, Obaseki stressed.