In a bid to support the growth of small businesses and improve the socio-economic conditions of residents in his constituency, Hon. Gbolahan Ogunleye, member of the Lagos State House of Assembly representing APC-Ikorodu 1, has disbursed 5 million interest-free loans to market women in Ikorodu. The loan scheme, which is in collaboration with First Bank of Nigeria, aims to provide capital to traders to help them expand their businesses.

According to Hon. Ogunleye, the initiative is a fulfillment of his campaign promise to set aside funds for interest-free loans to traders in his constituency. He noted that discussions with the Iyaloja General of Ikorodu division, Princess Busola Isikalu, led to the framework for the initiative. The lawmaker expressed his commitment to continuing to serve his constituents through initiatives that positively impact their livelihoods.

The first phase of the loan program focuses on traders within Hon. Ogunleye’s constituency, with plans underway to extend it to markets throughout the broader Ikorodu division. Hon. Ogunleye urged beneficiaries to use the funds responsibly and return the principal promptly to allow other traders access to the loan. A mechanism has been set up to monitor the disbursement to traders and address the issue of refund.

The Iyaloja General of Ikorodu division, Princess Busola Isikalu, welcomed the loan scheme, noting its potential to provide financial support for business expansion. She cautioned beneficiaries to ensure timely repayment to sustain the program, warning that those who default would face sanctions.

The program has received accolades from prominent figures, including Prince Abiodun Ogunleye, former Deputy Governor of Lagos State. Prince Ogunleye applauded Hon. Gbolahan for this laudable initiative, urging beneficiaries to utilize the funds wisely in their businesses.

Deaconess Wonuola Oshinowo, Lagos East Women Leader APC, also expressed gratitude, stating that the initiative comes at the right time for market women. She urged beneficiaries to use the funds judiciously.

Hon. Banjoko commended Hon. Ogunleye, noting that the lawmaker’s consideration for market women demonstrates his commitment to their well-being and market growth.

One of the loan recipients, Mrs. Adeola, expressed her gratitude to Hon. Ogunleye, saying the loan would go a long way in boosting her business.