A Non-Governmental organization (NGO), Like Minds for Social Development Initiative, says it has selected 4,000 women from across the 23 Local Government Areas of Kaduna State as beneficiaries of soft loan.
These 4,000 women will be given Fifty Thousand Naira (N50,000) each with an interest rate of one percent only, payable after six months.
Speaking with newsmen in Kaduna, the Director of the NGO, Hajiya Maijidda Abdulkadir, said the loan will be disbursed through Eco Bank.
She, therefore, advised the beneficiaries who do not have an account with the Eco Bank to open one immediately.
“Anyone who refunds the loan at the appropriate time frame will be eligible to access more funds ranging from a Hundred Thousand Naira (N100,000) to One Million Naira (N1,000,000)”, she said.
The Director enjoined them to make judicious use of the funds to help their families and also expand their businesses.
One of the beneficiaries, Talle Abubakar, pledged to make judicious use of the money:
“I sell Masa…I will ensure I use the money properly so that I will be able to access up to a million Naira to expand my business, build my own house and also run a restaurant”.
Talle also appreciated the NGO and Eco Bank for the loan disbursement, saying, the money is coming at a crucial time when things are difficult in the country and a lot of people have lost their capital.
Another beneficiary, Stella Sunday, also expressed gratitude to the NGO and Eco Bank:
“I heard about the loan from a friend, who is also a tailor like me.
“I will use the money to equip my shop and also ensure that I pay within the six months as stipulated”.
A widow, Binta Sani, said the money would go a long way in supporting her family:
“Since the demise of my husband, things have not been easy because my capital is small. Though I sell Akara, I am hopeful the loan will boost my capital”.
The beneficiaries were brought together in cluster groups with a leader who is meant to monitor the use of the money by her group members and also ensure repayments are made after six months.
