Our microfinance model is our way of ending the cycle of poverty, decrease unemployment, decrease crimes and criminality, increase earning power, and aid the financially marginalized.
To counter the argument that microfinance simply makes poverty worse since many borrowers use microloans to pay for basic necessities, we have designed another concept, which is giving food baskets to grantees to ensure their businesses stabilizes to prevent failure and further plunging them into debts.
Now, do we really give out money without looking back? The answer is an emphatic, ‘Yes!’ Then, you might wonder why we offer a financing with ‘no strings attached’. This is simply to prevent our grantees from having an impression that they are indebted in any form. And also, majority of Nigerians including SME business owners and entrepreneurs are going through a lot already due to the country’s poor economy and we don’t want to add to their pressure rather we want to bail them out by granting 'loans with no strings attached' from resources we gather from the 'haves' in the society.
There’s no doubt that microfinance is vital to the survival of entrepreneurs especially in societies like Nigeria. As without microfinance, vulnerable entrepreneurs may have to resort to using risky loans or payday advances with extremely high interest rates or even borrow money from family and friends. Microfinance helps them invest in their businesses and, as a result, invest in themselves. Therefore, we have chosen to use ‘funds or grants’ to convey our goodwill and genuine support for entrepreneurs that we support.
Is this kind of microfinancing sustainable? You might wonder too. Not really but we are hopeful that those that we support would one day become regular donors or help us spread the word to reach those who are happy to help move our initiative forward.
Since our official incorporation in August 2021 as a not-for profit NGO by the Corporate Affairs Commission of the Federal Republic of Nigeria, we have been able to support close to 30 entrepreneurs with varying skills ranging from tailoring to bag making, shoe making, nylon production, buying and selling of groundnuts, palm oil, yam flour, fresh eggs, provisions as well as clothing and footwears. We currently have more than 20 more entrepreneurs with more skills on our waiting list.
For the time being, we depend on community crowdfunding and we continue to count on donations from philanthropic and charitable individuals who can donate to us one-off or every month. You can also be one of them by making a donation today or pledge to become our monthly donor.