G-2498

Microfinance Loan For Ohovbe

Description

Financing

Documents

Photos

History Logs

Project Description

Region: Africa

Country: Nigeria

Location: Benin City

Total Budget: $30,000

Area of Focus: Community economic development



Project Overview

Ohovbe and Ikhuniro communities is composed of a big population with small infrastructure of stores and services in general. The workers from this communities work far from their houses, and they buy almost everything they need outside the place where they live. Because of this situation the local economic development is very poor. The lack of investment in business in these communities is the basic cause. Most of this population don't have money to invest, and they don't have access to credit in regular banks.

The objective of this project is to loan money to qualified persons of these community for starting a small business, or improve existent business to attend the local population. The microcredit will be done on basis of methodology developed by the LAPO Microfinance Bank, Nigeria, where they have proved the poor people are good payers. To avoid debits we are going to create an ecosystem for this project to warranty the loan. This will expand the economy of the Communities.

The project will be an Ecosystem composed by some entities who will work in a collaborative system , to warranty the business development, they are:

1-Ministry of Infrastructure

It is a department of Edo State Government responsible for infrastructural development and training in craft. The objective of the Ministry is to improve the professional qualification for the citizens, mainly for needy communities. The Ministry offers courses like the following list:

Crafts

Cutting and Sewing

Cellophane Making

Mechanical Works

Electrician

2- LAPO Microfinance Bank

This is the financial institution specialized in microcredit loan for poor persons. This institution has more than 25 years old experience in microcredit loan. The methodology of LAPO for credit approval is based on laid down rules by the Central Bank of Nigeria. They evaluate the loan candidates through specific data collection about the situation, family, evaluation tests, and local visit to verify the real situation. After this is created a credit score for each individual and determine the loan warranties.

3- Rotary Club

It will responsible for management of this project, The Rotarians will help in selection the loan candidates, to visit them, to evaluate the real needs and accomplish the business evolution. The Rotarians will be the connection between the other entities above.

The project will be developed in the following phases

- We are going to select candidates for loan, who did any course in Ministry of Infrastructure with a good result

- The Rotarians are going to visit the candidates to verify their real condition

- All entities go along to verify the business development.

Microcredit Loan

The microcredit loan will be conceded in according with the creditor needs s well his perceived payment capacity.

The credit should be done in two or three payments.

We are looking for International Partners.

Primary Host Partner

District: 9141

Rotary Club of: Ogba-Benin

Primary Contact: Paula

Email: paulabellgam@gmail.com

Primary International Partner

We are looking for a Club partner. Click here to pledge support for this project. Recording a pledge will make you the Primary International Partner for this project.

Project Status

Need $29,000
This project needs to receive some pledges to go to the next level. Please check the "Financing" tab to see the list of current pledges. Once the amount pledged is equal to the project budget, the status of the project will be automatically changed to "Fully Pledged".
Click here to pledge support for this project.

Project listed for the 2020-21 Rotary Year.

Proposed Financing

Existing Contributions Towards This Project

Date

Cash

DDF

Total

Ogba-Benin (9141)

20-Jul-20

$1,000

$0

$1,000

Remaining Amount to Raise

Additional Club Contribution (Needed) - Add a contribution

$29,000

-

$29,000

Amount Requested from The Rotary Foundation

-

$0

$0

Total

$30,000

Note: as of July 1, 2015 there is a 5% additional support fee for cash contributions. This fee does not appear in the financials above because it does not apply if the funds are sent directly to the project account (without going through TRF, and therefore without Paul Harris credit). Clubs sending their cash contribution to TRF must be aware they will have to send an additional 5%.

Project Supporting Documents


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Project Photos


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History Log Entries

20-Jul-20

System Entry

System Entry: Creation of project page.

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