Ojodu LCDA Distributes 20 Million Naira Interest-Free Loans To Small & Medium Scale Businesses

In a significant stride towards economic empowerment and community development, Ojodu LCDA, Lagos State, has successfully distributed interest-free loans totaling 20 million Naira to numerous beneficiaries.

 

This initiative, conducted in partnership with Thrive Microfinance Bank, aims to provide financial support to small business owners and entrepreneurs within the LCDA.

The loan distribution ceremony, which was held at the Council Secretariat, was graced by notable dignitaries, community leaders, and enthusiastic residents.

 

The beneficiaries, selected based on a stringent vetting process, included small business owners, market traders and budding entrepreneurs, who demonstrated the potential for growth and a commitment to business development.

Hon. Segun Odunmbaku, the Executive Chairman of Ojodu LCDA, represented by the SLG, Hon Olaide John Bello emphasized the administration’s dedication to fostering economic growth and alleviating poverty.

“This initiative is part of our broader strategy to support local businesses, stimulate economic activities, and uplift the living standards of our people. By providing these interest-free loans, we aim to remove the financial barriers that often hinder entrepreneurial success,” he said.

Mr. Adebayo John, MD Of Thrive Microfinance Bank,said,” Our partnership with Ojodu LCDA underscores our shared vision of empowering local businesses and fostering economic development. We are confident that these loans will enable beneficiaries to expand their operations, create employment opportunities, and contribute positively to the local economy”.

 

The beneficiaries expressed profound gratitude for the support, acknowledging the transformative potential of the loans for their businesses and livelihoods.

Mrs. Folake Adegboye, a beneficiary and local fashion designer, remarked, “This loan is a lifeline for my business. With this financial support, I can purchase more materials, hire additional staff, and take my business to the next level. I am truly grateful to Ojodu LCDA and Thrive Microfinance Bank for this opportunity.”