A Non Governmental Organization, Like Minds for Social Development Initiative, says it has listed 4000 women as beneficiaries of soft loans from the 23 local government areas of Kaduna State.
The women will be given N50,000 each at an interest rate of one percent, payable after six months.
Speaking with newsmen in Kaduna, the director of the NGO, Hajiya Maijidda Abdulkadir, said the loans would be disbursed through Eco Bank.
She advised the beneficiaries who do not have Eco Bank account to open one immediately.
“Anyone who refunds the loan at the appropriate time frame will be eligible to access more funds ranging from N100,000 to one million naira,” she said.
She enjoined them to make judicious use of the funds to help their families and expand their businesses.
A beneficiary, Talle Abubakar, promised to use the money well.
“I sell masa and 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,” she said.
Talle thanked the organisation and Eco Bank for the loan, saying, the money came at a time of difficulty in the country when many people had 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 ensure that I pay within the six months as stipulated,” she said.
A widow, Binta Sani, said the money would go a long way in supporting her family.
“Since the death of my husband, things have not been easy because my capital is small. I sell akara and I am hopeful the loan will boost my capital,” she said.
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 ensure repayments after six months.