A non-business entity, Orji Uzor Kalu Foundation, has instituted a free loan scheme for petty traders and artisans in Abia State.
The foundation had a few weeks ago distributed Toyota Sienna buses to deserving transporters in the state under its youth empowerment scheme at a well attended ceremony, which had in attendance Chief John Odige-Oyegun, the National Chairman of the All Progressives Congress.
The interest-free loan initiative, which is targeted at petty traders and artisans, is expected to increase the working capital of the potential 11,000 beneficiaries.
Repayable over a period of 12 months (with two months moratorium) at zero interest rate, the small business empowerment will take unemployed youths off the streets.
According to Rev. Jemimah Kalu, the Executive Secretary of the Foundation: “The interest free loan scheme was originally initiated by former Governor of Abia State, Dr. Orji Kalu, in 1997 with 7500 beneficiaries across Abia State.”
Fielding questions from journalists at the inauguration of the scheme in Ozuakoli LGA of Abia State on Sunday, Mrs. Kalu said: “This is just a continuation of a good gesture that our founder had championed over the years in his private capacity.
“After a recent needs assessment and engagement of stakeholders of various communities, we decided to roll out another phase of the programme.
“This laudable project will be felt across the country as we are desirous of covering other parts of the country in no distant time.
“We have commenced distribution of forms and once the forms are duly completed and submitted at the respective Abia State Electoral Independent Commission wards of various local governments in addition to meeting other requirements such as providing a guarantor (either a clergy, traditional ruler, civil servant, community leader or banker), the loan will be approved and disbursed accordingly.
“This is a good opportunity for Abians regardless of religious and political party differences.
“Working closely with international organizations, the foundation has continually impacted lives positively through various initiatives including free health service, scholarship scheme, youth empowerment and leadership mentoring.
“It is our firm belief that in view of the success of other initiatives, the free loan scheme will l not only boost business activities but will help to reduce social vices in the society.
“With time, we shall extend the gesture to one state in each of the six geopolitical zone.”
In their separate remarks, Ben Okafor (tailor) and Kelechi Uche (provision seller) couldn’t hide their happiness as the duo commended the foundation for its laudable programmes for indigents, while promising to make judicious use of the funds when disbursed.
The foundation has won many awards locally and internationally for its humanitarian gestures.