Ekiti Disburses N20m Soft Loans to Creative Artists

The Ekiti State Government has released over N20 million in soft loans to practitioners in the creative arts sector to support their businesses.

Commissioner for Arts, Culture and Creative Economy, Prof. Rasaki Ojo Bakare, presented cheques to the second batch of beneficiaries under the Ekiti State Arts Endowment Fund on Monday in Ado Ekiti. He stated that all recipients, comprising about 40 associations, companies and individual artists, were vetted and confirmed to be running genuine creative enterprises.

The loan package includes a six-month moratorium, a seven per cent interest rate and a 24-month repayment period. Bakare described the terms as some of the most favourable available, expressing confidence that they would help beneficiaries expand their operations.

He urged the recipients to honour the repayment schedule to ensure the fund remains available for others in the future. Those who repay within the stipulated time, he added, will qualify for double the amount in subsequent disbursements.

Bakare noted that Ekiti remains the only state operating such an arts endowment fund and commended the administration of Governor Biodun Oyebanji for its continued investment in the creative economy. He called for sustained support for government programmes aimed at improving livelihoods across the state.