The Ekiti State Artists Association on Wednesday commended Governor Kayode Fayemi for striking a unique deal with Sterling Bank PLC.
The deal facilitated the granting of credit facilities to tourism entrepreneurs in the state at a maximum interest rate of 9 per cent.
Ayodele Jacobs, President of the association, gave the commendation in Ado-Ekiti at a loan disbursement ceremony by the bank.
The News Agency of Nigeria reports that the first batch of 90 beneficiaries of the Sterling Bank Tourism Fund Initiative had their accounts credited with various sum according to their needs.
Jacobs said: “I must particularly commend Governor Fayemi for his interest in raising the entrepreneurial status of members of the lower cadre entrepreneurs in this state, particularly in the tourism sector.
“I have been in the arts and craft business for many years.
“This is the first time in my life that this kind of access to a credit facility with low interest would be deliberately facilitated by a governor.
“This is not for the big players in the tourism economy, but for people like us, the artisans, the food vendors, the beer parlour operators, orange vendors, palm wine tappers and sellers, adire and shoemakers.”
Jacobs equally applauded Sterling Bank for “being faithful and truthful to its offer”.
He added: “When the Senior Special Assistant to the Governor on Tourism Development, Wale Ojo-Lanre, and other officials gathered us together here a month ago, we were doubtful of the sincerity of Sterling Bank.
“Sterling Bank has proved to be a reasonable and responsible credit institution, which made the process of obtaining the facility almost seamless.
“It is unlike other banks where you have to pass through the eye of a needle and in the end you end up not getting the facility.”
One of the loan recipients, Bisi Aladeloye, a beer parlour operator, lauded the efforts of the governor for the initiative.
Aladeloye said: “My mind prays for Governor Fayemi for the provision of this platform where I can have access to a credit facility with low interest rate.
“It has saved me from the shylock money lenders whose interest rates ordinarily cause my blood pressure to rise abnormally.
“This is a saving grace for my business, a lifeline of grace, which I will not only guard jealously, but pay back promptly to qualify me for bigger loans.”
Olasunbo Samuel, a food vendor who also benefitted, said: “The beautiful part of the story is that we all know that it is not a grant.
“It is a loan that we must work hard to pay back with interest.
“The beauty in the arrangement of this loan structure is that you can have access to more fund and roll it over and over to create wealth.”
Representatives of Sterling Bank, Temitope Coker and Akin Oladipupo, urged the beneficiaries to be committed to their businesses.
They urged them to avoid engaging in social frivolities, which might eat away the loans.
Coker said the bank targeted 2,000 tourism entrepreneurs to benefit from the scheme.
He said: “It is our vision and mission at Sterling Bank to ensure that more than 2,000 tourism entrepreneurs in Ekiti are on board of this scheme.
“What we have now is the first batch.
“The second batch is being processed and we shall soon gather here again to rub minds like we are doing now.”
In his remarks, Ojo-Lanre said the governor had a lot in store for the tourism sector.
He commended Sterling Bank for creating a window for tourism and engaging dedicated and diligent officials who tend the tourism desk at the bank.
