Ojodu LCDA, Lagos State, led by Hon. Segun Odunmbaku, has disbursed ₦20 million in interest-free loans and grants to support traders and entrepreneurs, fostering economic growth and strengthening grassroots commerce.
This initiative, in conjunction with Thrive Microfinance Bank, is designed to address financial challenges, enhance business operations and ensure prosperity during the festive season and beyond.
The funds were distributed as follows: ₦10 million was allocated to small business with loans ranging from 1 Million Naira naira to ₦500,000 disbursed to SMEs, ₦5 million to Point of Sale (POS) operators and ₦5 Million for festive season empowerment while 40 beneficiary traders across Ojodu markets received loans ranging from ₦150,000 to ₦1 million.
Selection was based on strict yet inclusive criteria. POS operators were chosen from a database, prioritizing those who contributed to council revenues, while the Office of the Iya Loja collaborated to identify deserving market women. Random community businesses meeting eligibility standards also benefited from initiative
Market leader, Mrs. Folashade Salako, praised the initiative as timely and impactful, helping traders meet seasonal demands while unsuccessful applicants are encouraged to still apply if criteria can be met, more empowerment initiatives by Ojodu LCDA are in the pipeline before end of the year to ease the socioeconomic conditions of the people.