As part of the deliberate attempts to reduce the rate of unemployment among the youths and assist business owners with capital, the Bank of Industry and Oyo State government have approved the disbursement of a N10billon loan.

The loan attracts just 5% interest within the stipulated period to the beneficiaries.

The Executive Secretary of Bureau of investment promotion, Yinka Fatoki while speaking during the screening and interview exercise of participants of the project says the initiative is to encourage entrepreneurs and help in the expansion of their businesses.

Fatoki added that the essence of the screening is to ensure the loan is actually used for the growth of the said business thereby reducing unemployment and poverty in the state.

While applauding the initiative of the state government for the opportunity, Fatoki enjoined unemployed youths with profitable ventures to make the best use of the opportunity.

Some of the applicants for the loan lauded the initiative adding that it will reduce crimes rate in the state and enable people with business ideas to finance such.

The representative of Bank of Industry Small and Medium scale program, Mrs. Olukola said the objective of the screening exercise is to know the purpose of the loan to applicants in order to guide against mismanagement and diversion of fund to other projects different from the registered businesses.