The Warri North Council Chairman, Hon. Capt. Smart Yomi Asekutu has launched a soft loan scheme to help lift petty traders out of financial difficulty. The loan scheme which is known as “Warri North Local Govt Petty Traders’ Soft-Loan Scheme” took off today at the Council Secretariat in Koko, headquarters of the local govt.
Launch of the soft-loan scheme
Addressing the would-be beneficiaries of the scheme which the council boss said would be a continuous one, Hon Asekutu said the programme is a direct response to the yearnings of the people of his constituency (Warri North People) for relief from a hard life. Continuing, he stated that he has come to help make some difference in their lives noting that, as long as they are ready to fulfil their part of the scheme through observance of the easy-to-follow rules applicable, his government would sustain the exercise.
Hon. Smart Asekutu who was represented at the event by the Secretary to the Local Government, Mr Samuel Meyiwa Khalil, revealed that the scheme aims to improve the livelihood of petty traders in the local government. He added that every trader is entitled to an initial cash sum of fifty thousand Naira (N50,000.00) with a token monthly interest charge of five hundred Naira (N500.00) only. The Chairman pointed out that when the beneficiary is able to complete the repayment within six (6) months, they would qualify for a double sum of a hundred thousand Naira (N100,000.00) with interest payable monthly at a thousand Naira (N1000.00) only.
As he partners with Ecobank to drive the process
The Council Chairman added that the Council has engaged Ecobank to implement the scheme. He added that the exercise is not run on ethnic, religious or political consideration but on humanitarian grounds to help his constituents but stressed that the people should not regard the exercise as a piece of the local government cake as it is money that must be paid back.
To qualify for the soft loan scheme, a beneficiary must have an active Ecobank account, a bank verification number (BVN), a voter’s card or an international passport. Each beneficiary must also present two passport photos.