ECONOMIC EMPOWERMENT

The Economic Empowerment team of the Obalende Project kicked off their activities by raising a small fund to create a capital base from which a revolving micro credit scheme was established for the benefit of the Obalende community.  The group has been able to identify a need among the widows in Obalende to get funding for their small business activities.

On September 23, 2006 the Economic Empowerment team in collaboration with the Susu Micro-Finance Bank, organized a seminar for the widows in Obalende to explain how the proposed revolving micro-credit scheme works and how the widows could benefit from it.

The collaboration with SuSu Micro-Finance will enable the economic empowerment team monitor and ensure repayments of loans.

The scheme presently gives out micro financing ranging from N 15, 000.00 (fifteen thousand Naira only) to N 35, 000.00 (thirty-five thousand Naira only) to people who already have businesses and require additional funds or for start-ups, however all applications are considered on a case-by-case basis.