A United State of America-based university teacher, Dr. Olatunde Olusesi, has launched a zero-interest loan scheme for petty business owners.
The scheme, which was launched on Monday at Itoku Market in Abeokuta, the Ogun State capital, is part of Dr. Olusesi’s Ferefayo Empowerment Programme.
The initiator, who turned 60 on the launch date, explained that the scheme is in the memory of his mother, Alhaja Anisat Amosa Olusesi, a successful trader at Itoku Market.
The Ferefayo Empowerment Scheme is the latest in the series of social entrepreneurship initiatives of Dr. Olusesi, who founded Lorranisa 11/11 Enterprises.
The empowerment scheme comes as a micro loan of N25,000 for petty businesses and has the repayment terms made light to lessen the burden on beneficiaries.
The scheme is structured to provide N25,000 to hundreds of beneficiaries in the first phase as starting capital or a boost fund for minimal scale business ventures.
At the launch, the General Manager of Lorranisa 11/11 Enterprises, Abolade Afeez, explained that there would be no initial deposits to secure the N25,000 loan, which also comes at zero interest rates.
Processing the fund also comes free.
The beneficiaries are also required to repay only N20,000 as full repayment sum, with the remaining N5000 being a grant.
Beneficiaries, according to the general manager, include sellers of sachet water, vegetables, condiments and fruits.
Afeez said 130 people would get loans in the first phase, while more funds would be made available as the number of applicants increases. Beneficiaries have up to a year to repay the loan, he said.
A guest lecturer at the launch, Elder Olugbade Ogunsiji, advised the beneficiaries not to default so that others could benefit.
He added that they should keep repayment records of N500 weekly.
Ogunsiji said it would take only 40 weeks in a year to repay the required N20,000 out of the N25,000 loan, if beneficiaries stick to the repayment schedule.
Lorranisa 11/11 Enterprises is a non-governmental, non-partisan and non-sectarian social entrepreneurship outfit that supports unemployed and low-income earning Nigerians.
It also provides mutually beneficial business opportunities to investors and has created jobs for transport workers, besides providing loans to farmers and artisans.
Source:The Nation
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