Ekiti State Government through the Board of Microfinance and Enterprise Development Agency, MEDA has expressed concern over the failure of some beneficiaries of the Small and Medium Enterprises loan to pay back as specified in the terms and conditions.
This is part of resolutions reached during a meeting of the Board held at its office in Mutual Building, Ado Ekiti.
Speaking with newsmen after the meeting, Chairman Board of Microfinance and Enterprise Development Agency, MEDA, Akogun Abayomi Lustay affirmed that the unpaid loan amount to over one billion Naira thereby denying other people from benefiting.
Akogun Lustay called on those concerned to begin to service their loan or face the full wrath of the law.
He said: “We have granted a lot of loans and people are not repaying and it’s hindering the services of the agency. The Governor is trying for us but when you don’t pay back your loan, it is going to affect others.”
Mr. Akogun further disclosed that the Bank of Industry has made loans available for traders and Small scale businesses owners in the state.
He urged the public to visit the agency to get adequate information about the loan and ways to access it, adding that plans are being made to increase sensitization of the public on the loans and encourage beneficiaries to pay off when due.
Akogun lustay appreciated Governor Oyebanji for the continued support for small scale industries in the state saying such thoughtful developments were one of the reasons that merited him for the multiple awards including the Silverbird Man of the year.
