Ekiti State Launches N20 Million Soft Loans for Artists

The Ekiti State government, led by Governor Biodun Oyebanji, has initiated a N20 million soft loan program aimed at boosting the creative arts sector. Prof. Rasaki Ojo Bakare, representing the Ekiti State Commission for Art and Culture, announced the disbursement during a presentation in Ado Ekiti.

The program is designed to support individuals and groups within the creative economy, with 40 beneficiaries already identified. The loans come with a six-month moratorium and a low interest rate of seven percent, to be repaid over 24 months.

Bakare emphasized the importance of timely repayment to ensure the sustainability of the fund, which will allow for future beneficiaries to access similar support. He urged recipients to show gratitude by adhering to repayment schedules, thereby enabling the revolving loan scheme to benefit more artists in the future.

This initiative is part of the Oyebanji administration's broader commitment to fostering the creative arts sector in Ekiti State.