A new economic empowerment initiative aimed at supporting women, petty traders, and farmers in Enugu East Rural Constituency is nearing launch after almost two years of planning and development.
The programme, known as the Hon. Ray Ugwu Zero Interest Credit Loan Scheme, is sponsored by Hon. Ray Ugwu, who currently represents the constituency in the Enugu State House of Assembly.
According to details released by the lawmaker about the scheme, the initiative is designed to provide interest-free loans to old and young women who are interested in becoming financially independent through small-scale businesses.
He said the scheme will also support petty traders and farmers across the constituency.
According to the lawmaker in a statement giving an update about the loan scheme, the programme is intended to help beneficiaries generate income, support their households, and improve daily living conditions for their families.
Eligibility and Application Process
To qualify for the loan scheme, applicants must be constituents of Enugu East Rural Constituency either by birth or residency, with proof provided through a voter’s card.
Applicants are expected to apply through community or neighborhood leaders and complete the required application forms with accurate information.
Also successful applicants should expect loan disbursement within a few days after submission and verification.
Repayment Terms.
Beneficiaries will enjoy a three-month moratorium before repayment begins. The repayment duration will range from a minimum of 12 months to a maximum of 24 months.
The lawmaker stated that beneficiaries who maintain little or no default during repayment may become eligible for larger loan facilities in the future.
He called on stakeholders, philanthropists, and prominent individuals to partner with the scheme through donations or other forms of support.
Partners are expected to nominate preferred beneficiaries, whose applications would receive first consideration in relation to the funds contributed.
The launch of the initiative is being seen as a grassroots economic support measure that could boost entrepreneurship and financial inclusion in rural communities across the constituency.
