Over the past few months, I granted interest-free loans to 4 persons in Benue and they all repaid as agreed. This shows we have honest young people in Benue who genuinely need support to excel in their small businesses.
I want to see how this little gesture can transform many people’s lives. Conditions:
- You must be able to return the capital within 2 months from the date you receive the money.
- The loan you will be eligible to receive will not exceed N50K.
- You must already have been in business which you want to use the funds to take your business to the next level.
- You must be able to demonstrate that you can transform the N50k to a minimum of N70k in two months.
- If you feel that this opportunity has created a positive impact in your life and you want to contribute part of your profit to help others, you can pay an interest of N2k so we can support more people. Though this is not mandatory.
If you meet the 5 conditions above, send your business plan to email@example.com along with your contact number and we will call you to discuss your proposal in detail. If we are convinced, we will request for your account details.
We want to be recycling the funds. That way we would have helped about 36 petty traders to succeed by the end of 2021. Failure to repay as agreed will prevent others from benefitting from this gesture and possibly bring this scheme to an end. If this succeeds, I can guarantee you that I will get more hands on deck and raise the loan to N100k per person by mid 2021. Please note that those who collected the loan earlier, made profit and repaid within one month. The two months I am granting is to help you double the profit! No collateral. This is simply based on trust!
Deadline to receive applications: November 15, 2020. You will receive a call between November 16th to 22nd to discuss your proposal.
So far, I have received 48 applications for the loan. Moneywise, I have received N50k each from Nado Jomboh, Aunty Mimi Jiwunde, Torhile J. Arumun Dzungwe, Anonymous Juliet, Ternenge T. and Princess Agbo. If you add my N450K, we have a total of N750K for 15 beneficiaries.
3 other persons have also indicated their intention to donate towards this project. I will update the figures once we receive these funds.
This is how I am hoping the programme will be structured:
- Stage 1 – Call for applications
- Stage 2 – Screening / interviews
- Stage 3 – Disbursement
- Stage 4 – Two follow-up calls with beneficiaries. – 1st follow-up will be one month after payment has been received so we know how they are faring and if they require any advisory support.- 2nd follow-up will be done two weeks before the repayment date. This is to ensure that they are on track with meeting the deadline for payment.
In the next batch, we will consider including a mentoring and coaching stage prior to disbursement. The lessons from this experience will guide the training needs to be addressed. I will be interviewing the applicants this weekend to save time and reduce the workload. Special thanks to everyone that has keyed into this project.