Small and medium scale enterprises have received a four-month interest free loans to grow their businesses in Akwa Ibom.
The loan facility is a follow-up to the one recently disbursed by the Family Empowerment and Youth Reorientation Multipurpose Cooperative Society sponsored by the Governor’s wife, Martha Udom Emmanuel.
It has over 1000 business owners from women groups in14 local government areas of the state as first beneficiaries of the first batch.
Presenting the cheques, the governor’s wife who is the founder of the group urged the beneficiaries to invest the funds received wisely so as to refund within the given period.
According to the governor’s wife, the loan which is a revolving one is aimed at improving the living conditions of women especially at the grassroots.
Emmanuel who stated that it has always been her desire to leave the women better than she met, added that before she quits the stage as governor’s wife in 2023, a large number of women would have been empowered through the loan scheme.
“Since we came in 2015, I have always said that it is my desire to empower our women to be economically self-reliant.
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“This loan scheme is part of the measures we have taken to inject life into the rural communities. I urge you all to be judicious with this loan and ensure you payback on time so others can also benefit”.
While noting that the amount given depends on the nature of business, the First Lady also took out time to lecture the business owners on various principles of business and as well urged them to be good ambassadors of he Cooperative Society in their various communities.
Earlier , coordinator of the programme, Ime Inyang said it took a little while for the loans to be given out because administrative procedures needed to be followed for proper documentation.
She thanked the governor’s wife for her initiative and for being a bastion of hope to many in despair, saying the interest free loans will go a long way in improving small scale businesses.
Also speaking, the Special Assistant to the Governor on Trade and Market Matters, Akparawa Idoreyin Raphael, described the loan scheme as the first of its kind in state, positing that in an era where women are buying money to do business, the governor’s wife has so decided to change the narrative by giving out free-interest loans to women.
He urged the women not to disappoint the governor’s wife but to repose the confidence by refunding within the stipulated time.
Some of the beneficiaries, who spoke, thanked Emmanuel for the initiative and expressed optimism that the loan will go a long way in boosting their businesses. They also promised to repay the loan so others can benefit.
