One of the charities leading the social safety interventions during the COVID-19 pandemic, Chineto Ozigbo Foundation, has announced a N100m loan guarantee support for small businesses in Anambra State.
Ozigbo, the immediate past President and Group Chief Executive Officer of Transcorp Plc, said he was offering a personal guarantee to enable struggling businesses in Anambra access the Central Bank of Nigeria(CBN) N50bn COVID-19 intervention loan for household and businesses impacted by the pandemic.
Through his charity, Chineto Ozigbo Foundation and in partnership with VFD Microfinance Bank and Akalabo Microfinance Bank Amesi, Ozigbo would be offering with putting a loan application together to businesses applying for the CBN’s COVID-19 loan.
He added he will offer N100m funding to enable successful applicants access the fund
“Our founder, Valentine Ozigbo, has almost two decades of banking experience under his belt has seen, firsthand, how struggling entrepreneurs find it difficult to access loan facilities because of difficulties in presenting a guarantee,” the General Manager of Chineto Ozigbo Foundation, Mr. Izuchukwu Oraelosi said.
“Driven by a deep passion to develop small businesses, which is the livewire of our economy, our founder has taken this uncommon and bold step to help these businesses access the funding they need to survive this difficult time.
“The CBN loan is being administered solely by NIRSAL MicroFinance Bank. It is important to note that foundation is not partnering with CBN or NIRAL.
” Apart from the awareness we provide, we are offering support to businesses in Anambra who come to us by way of advice on packaging their applications and a guarantee for those who need it. This service is offered at no charge to the loan applicants,” he explained.
The foundation has donated food items, hand sanitisers, facemasks, educational and relief materials worth over N20 million in the entire 177 communities and over 60 markets in Anambra.
It has deployed several programmes focused on youth and women entrepreneurial development, which has reduced poverty and empowered thousands of people in Anambra State.
The programmes of his charity have attracted to Ozigbo a cult following, especially in Anambra South Senatorial District where he is fondly called “King of the Youth”.