The Lagelu Local Government Cooperative Credit Bank has commenced a first phase of its loan disbursements to small businesses and startups.
Recall that the Executive Chairman of the local government, Hon. Mudashiru Kamorudeen on July 5 launched a cooperative credit bank with which he planned to drive economic growth and revive entrepreneurship within the local government area.
Aiming to boost the local economy through the disbursement of loans to small businesses and start-ups— the transformative initiative on Tuesday officially announced that it’s set to provide crucial financial support to aspiring entrepreneurs and existing businesses— as it kickstart a first phase of its loan credit.
The loan disbursement exercise by the Cooperative Credit Bank marks a significant step towards promoting job creation and economic development especially for aspiring entrepreneurs and existing small businesses looking to expand in the local government area.
Recognizing the vital role small and medium enterprises (SMEs) play in driving economic development, Lagelu cooperative credit bank has allocated substantial funds in loan-credit to foster economic growth.
The loan has been tailored to meet the specific needs of different small businesses, whether for working capital, expansion, or investment in new startups.
Applicants and beneficiaries of the loan fund were said to have undergone a smooth and transparent evaluation process to ensure a fair disbursement and credit.
The disbursement of the loans is expected to have a ripple effect across Lagelu local government, both in creating job opportunities and in enhancing the overall entrepreneurial ecosystem.
Young entrepreneurs and local leaders have praised the initiative for its potential to reduce unemployment and poverty levels while promoting self-sufficiency among residents.
