BY NSAN NDOMA-NEJI, CALABAR
Executive Director, May and Frank Akpo Foundation (MFAF), Dr. Erick Akpo has charged the federal government and financial institutions operating in the country to make the processes of micro credit accessment less cumbersome for small business owners.
The MFAF Executive Director stated that by so doing, small and medium scale enterprises would have a boost and turn around their fortunes.
Akpo gave the charge yesterday in Calabar, when management of the foundation supported 20 owners of small and medium scale businesses with the sum of fifty thousand naira each.
The Foundation also gave assistance to less Privilege children, to enable them fend for themselves promising to do more to favour the benefiaries of the empowerment if they proof to have utilized the funds prudently.
The executive director stated that the decision to support small and medium scale businesses was as a result of the present economy hardship and the fact that several businesses were struggling aftermath of the COVID-19 pandemic.
The Executive Director averted that the loan will be impactful to the beneficiaries as it will assist owners of small scale businesses expand their businesses and perhaps become employers of labour.
While stressing that the loan given to benefiaries is interest free, Akpo said, “We took the decision to support these people with the loans for them to expand their businesses and it is interest free.
“We understand the present economy situation in the country and the impact of COVID-19 pandemic that have kept many businesses struggling.
“These people were carefully selected after going through their applications and visiting their various businesses to ascertain their need.
“In giving out this support, we have advised them to cultivate the habit of saving so as for them to benefit from the second phase which we are planning”.
He averred that arrangements have been concluded by the foundation to open a school that would particularly take care of underprivileged children in the society.
In her reaction, a benefiaries of empowerment scheme who claimed to be a make up artist, and hair dresser, Mrs Faith Raymond, lauded MFAF Foundation for the gesture stressing that the money given to her from the Foundation, would help to boost her business and above all also help in creating create employment opportunity for other unemployed youths.