Micro Credit Loan Scheme
 ESWA piloted micro credit loan scheme in November 2006 with 3-market women groups in our network. Among the term and condition were to spread the interest and capital over 30 weeks. It was a great success. All monies plus the interest were fully recovered.
In August 2007, we started on a small scale offering micro credit loan to market women groups. 8 market women groups received loan and financial business management training. 64 women in total benefited.
The women designed the scheme and help in running it. This has encouraged us as they prove their worth. We now offer revolving micro loan credit to market women groups across the nation of Nigeria.
How does it work?
There are 3 categories of loan:
- 100,000 Naira
- 50,000 Naira
- 25,000 Naira
 The groups of women (there are 67 in all in the ESWA network) take it in turn to take out a loan which is then used to buy stock for their market stalls and sustain a minimal living to house and feed themselves and their children.
The women in the scheme have even set up their own life insurance policy in case of sickness or injury to ensure the scheme does not collapse.
To date there has not been one default on payment by any of the women - The loan is short-term so is repaid in 30 weekly instalments which covers the capital plus interest – at which point the next group of women is eligible for a loan. The interest raised will go towards the cost of running the day care centre.
Please help us to expand the micro loan system. Any money donated goes directly to our projects. |
