NGO provides interest free loans for Bwari women
Not less than 80 women from Igu rural community, in Bwari Area Council, have benefited from a N4million revolving loan scheme to boost their businesses.
According to the sponsors to the credit facility, Purple Hands Empowerment initiatives, the plan is to uplift women above poverty through the provision of interest free loans to support their businesses.
Speaking at the presentation of cheques to the beneficiaries in Abuja, founder of the NGO, Brenda Max-Nduaguibe, explained that the loan scheme to the women is an interest-free, payable at the end of six weeks.
Brenda said the initiative was to give them sense of belonging in the society especially by helping them to startup businesses.
Nduaguibe, who is also the Chief executive officer of Purple Hands added that the women have been groomed and sensitized in cooperative governance and financial book keeping, which enables them take care of the money they receive from the organisation.
Explaining that the NGO started in 2016 was conceived by the need to support indigent women grow their businesses, urged well-meaning individuals and organisations to back her up, in the quest to reduce poverty especially among women and youth.
“The women are into cooperative societies and the loan is interest-free. When they are given N10, 000 they pay back in six weeks. So, in every meeting day they contribute certain amount of money.
“That is why we are partnering with Microfinance bank that will sit down with them and design the most convenient way for them to pay back.
“The initiative is to uplift women above poverty line through partnership and technical support to provide start up kits for them.”
She explained that, “The four million provided for them to share is based on our assessment of what they have been doing, though they will pay back without interest, it is interest free loan" she said.
She stated that the organisation is also working towards taking the revolving loan scheme to other communities in the FCT to enable more rural women in the territory benefit from the scheme.
One of the beneficiaries from the community, Mrs. Ike Justina, said that herself and other members of her group have benefitted from the sensitization and training of the organisation, especially on record keeping and how to manage businesses.
According to her, the revolving loan scheme would enable her and others to improve on their businesses that would help their immediate family.