Executive Director, May and Frank Akpo Foundation (MFAF), Dr Eric Akpo, has urged financial institutions in Nigeria to make the process of obtaining loans by small business owners less cumbersome.
He stated this on Wednesday in Calabar while the foundation was assisting small business owners with micro-credit loans.
Akpo said that the foundation’s resolve to support small businesses was borne out of the present economic situation and the fact that several businesses were struggling to survive after the COVID-19 pandemic.
He said that the loan would be impactful to the beneficiaries, as it would enable them grow their businesses and be employers of labour in the long run.
“We took the decision to support the people with the loans, for them to expand their businesses and it is interest-free.
“We understand the present economic situation in the country and the impact of COVID-19 pandemic that has kept many businesses struggling.
“They were carefully selected after going through their applications and visiting their various businesses to ascertain their needs.
“In giving out the support, we have advised them to cultivate the habit of saving for them to benefit from the second phase which we are planning,” he stated.
Akpo also said that plans were underway by the foundation to open a school that would be catering for the less-privileged in the society.
A beneficiary of the loan, Mr Charles Michael, while commending the foundation, said it would enable him stock enough goods and increase his profit.