There’s no doubt that microfinance is vital to the survival of entrepreneurs especially in societies like Nigeria because majority of Nigerians, especially small and medium business owners and entrepreneurs, are going through a lot of hardship to sustain their businesses due to the harsh economic condition of the country. Many vulnerable entrepreneurs have resorted to using risky loans or payday advances with extremely high interest rates or have lost relationships and friendships because they were unable to pay off their bad debts from businesses and loans facilitated by their families and friends.
This is the reason why we at Banish Hunger Nigeria Humanitarian Initiative have decide to take actions that would leave positive impacts on indigent business owners by offering them 'microfinance with no strings attached'. Their 'only collateral' to obtain our funds is 'being poor and needy' and they are not required to pay us back! However, we encourage them to join our movement of volunteer donors in order to pay the kind gesture forward.
Since our official launch in July, we have supported approximately 14 youth entrepreneurs to set up businesses in sewing, selling of sewing materials, foodstuff buying and selling, fresh eggs wholesale, palm oil business, groundnut selling, new and fairly used clothes, rubber slippers and sandals retailing, popcorn making business etc. Most of our beneficiaries are breadwinners for their families and they are highly ambitious and hardworking. However, Nigeria's current economic situation has crippled their finances. We offered them crash course on book keeping to keep track of their daily sales. Also to help them avoid immediate spending of the small grants on daily essentials, we provided each with two months worth of food baskets containing stable Nigerian food items like rice, beans, garri, semovita, spaghetti, noodles, cooking oil and seasonings.
Though we have coordinators across 22 States in Nigeria, we have so far granted 14 beneficiaries from Kwara State, Lagos State, Oyo State, Ogun State, Kaduna State, Edo State, and Abuja FCT. All of them are doing well economically and are now able to feed themselves and their families. They are very grateful to all our donors for their kind gesture and they are also willing to pay it forward once their businesses stabilize.
With your support, we can together banish hunger from indigent communities in Nigeria and Africa! Follow @banish_hunger on Instagram to learn more about each of our beneficiaries and how you can support us.
You can also donate to support our cause for the humanity!