Rotary Club Boosts Small Business with Interest-free Loan

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By Sunday Okobi

 No fewer than 10 small scale business owners were last week given N50, 000 credit facility each by the Rotary Club of Omole Golden to improve their businesses.

It was the second tranche of an interest-free micro-credit scheme established by the club to assist young Nigerians boost their business. The first set of 10 beneficiaries had obtained the loan earlier in September.

 Speaking at the ceremony in  Lagos, the club’s President, Mr. Idowu Afelogun, said the intervention fund which has grown over the years, was meant to give small businessmen suffering from cash flow crisis a new lease of life.

 “We found out that so many young persons have had their dreams cut short as a result of lack of funds. So many others who could afford to start their businesses do not have the capital to move their business forward. That is why we decided to set up a micro-credit scheme to assist anyone in business,” he said.

 Afelogun added that the club also engaged in vocational and skill acquisition training and some of its graduates have also benefited from the scheme.

 He said each of the beneficiaries is expected to pay back the credit facility in six months, adding that facility is open to all beneficiaries who faithfully repay their loan.

Afelogun advised the beneficiaries to make good use of the credit extended to them and be a good ambassador of their guarantors for the facility.

He urged the guarantors to continue to mentor their wards to ensure that they succeed in their endeavours, as their failure will jeopardise the continuation of the project.

The Omole-Golden Rotary club also praised the body for being able to sustain the project for the past four years, adding that the encouraging success rate is an indication of the rate of acceptability of the club’s activity in the society.

He said the club achieved about 90 per cent recovery rate of the credit earlier issued to beneficiaries in September, adding that the moved had encouraged the club in ensuring the take-off of the second batch.

The Chairman of the Micro credit Project Mrs. Yemisi Balogun, had earlier said three previous beneficiaries had also qualified for the second exercise. She urged the seven newly qualified beneficiaries to make very good use of the funds in order to encourage the club in doing more for the society.

Balogun, who is the Vice President of the club, said  25 persons had applied for the facility out of which seven had met the strict conditions set by the club.

He observed that the credit facility had been of tremendous benefit to small business owners and start-ups in retaining their businesses, adding that the Rotary Club of Omole Golden will continue to innovate ways of impacting more on the society.

A symbolic cheque was presented to all the beneficiaries by the President of the club, Afelogun; President of the Rotary Club of Abuja City, Moses Danjuma, and the Chartered President of the club, Mr. Olurotimi Adeleye, among other dignitaries at the event.

Some of the beneficiaries hailed  the club  for coming to the aid of small business owners.

Mr. Monday Audu, a phone repairer and accessories dealer, who was having challenges expanding his business as a result of low cash inflow, commended the club for the assistance. Another artisan, Mr. Andrew Samuel, who deals on recharge cards, said the money would enable him expand his business.

Also, Mrs. Justina Iwuoha, a petty trader, who sells  beverage drinks, promised that she and her colleagues would not disappoint the club, adding that they would strive to meet the repayment of the facility within the allotted time frame.

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