REST International Ministries was pleased to launch a microloan lending program in Umuahia, Abia State, Nigeria in December 2015. As there is no social welfare or government assistance programs in Nigeria, all families must support themselves. The purpose of the microloan lending program is to provide individuals with capital to create a business to support his/her family and ultimately repay the loan. There is no interest charged on the loans from REST.
- Loan recipients were interviewed and met the following criteria:
- The individual must be known to be experiencing financial hardship.
- The family (or individual) must not be earning an income and show no other means of income.
- The individual must have a business plan to show REST International.
- The individual must be motivated to better self and transform his/her life.
- The individual must agree to the suggested timeline of repayment of two years.
Eight lending contracts of N50,000 each (approximately $340 CAD) were distributed to individuals that met the lending criteria. Business proposals included buy and sell of goods, sales of food items, hair salon, pig farming, and fish trade.
In addition, one individual was given a loan of N100,000 to purchase a Keke tricycle and start a taxi business.
We look forward to sharing the how starting a business has transformed lives in Nigeria. As the loans are repaid, we will look for new recipients to support.