Jaiz Bank Foundation Grants Interest-free Loans to 54 FCT Traders

Jaiz Charity and Development Foundation (JCDF) has disbursed interest-free loans to 54 residents of the Federal Capital Territory (FCT) under its micro-finance loans scheme.

The MD/CEO of JCDF, Dr Imam Abdullahi Shuaib, stated yesterday during the flag-off held at Jahi Village that the essence of the grant was to complement the poverty alleviation programmes of the federal government.

Shuaib said that the beneficiaries, who were provided grants of between N30, 000 to N40, 000 to prop their small scale businesses, were selected after thorough screening.

He said the beneficiaries would have a month moratorium and a year to repay the loan, adding the assessment of the performances of the beneficiaries will determine who will qualify for the second level and the third level of the scheme.

“Many of us pass up opportunities on a daily basis without knowing it. Our interest at Jaiz Charity and Development Foundation is to help many people out of poverty by offering interest free loans to support existing businesses or establish new ones. The federal government has been carrying out interventions of similar nature, so we aim to support in our own way,” he said.

He tasked the beneficiaries to make judicious use of the grant in order to support their families, repay the loans within a year and qualify for another level of loan disbursement, adding that ethnicity, gender were not considered in the approval of the loans.

Shuaib said the foundation which was established in 2012 to poverty has touched life in 20 out of the 36 states in the country.