Foundation Supports Market Women With Collateral-Free Loans

The Gbonse Foundation for Economic Development has rolled out collateral-free loans and free medical checkups for market women in Lagos, pledging to expand the programme to ease financial burdens and promote healthier livelihoods.

The non-governmental organisation used Saturday’s outreach at Ikotun Market to spotlight traders battered by economic hurdles and rally support for their growth.

The event included free medical screenings and a public awareness session on the foundation’s empowerment programmes, which offer small, collateral-free loans to help traders, market women and artisans expand their businesses.

At the event, the chief executive officer for the foundation, Helen Olaniyan, revealed that over the past six months, the foundation has supported more than 100 market women with loans starting as low as N40,000 with no collateral required.

She said, “Women are often the backbone of our homes, as well as key drivers of economic and social development.

However, many women and families face challenges in accessing basic healthcare and financial opportunities.”

She emphasised that empowering women means ensuring access to quality healthcare, financial support, and economic independence.

“When women are healthy and empowered, families become stronger, communities become healthier, and society progresses, and that is why we are out today to help as many women as possible access these collateral-free loans for their businesses,” she added.

Olaniyan noted the initiative’s strong reception, saying, “Women have been really appreciative for what we are doing. Last month, we held the same outreach for members, and the turnout was quite high, and a lot of them gave testimonies of how they benefited.”

Olaniyan noted that for someone to benefit, the individual must register as a member. The foundation also provides legal advice for members facing issues, supports children’s education or apprenticeships, and offers business guidance.

Speaking on how they manage the loan, she said, “We monitor loan usage through daily follow-ups to ensure funds are applied judiciously. We are here not to stress them about repayment but to support and guide them so they can pay back without coercion. We know things can be tough sometimes, so we follow up, identify problems, and provide help to resolve them.”

The foundation also advises on business strategies, such as avoiding dips into capital, and even suggests pivoting to new product lines when needed.