Over 30 women groups in Bong County are expected to benefit from a L$20 million micro-loan scheme between up to December 2019, the Chairman of the county’s Legislative Caucus, Senator Henry Willie Yallah, has revealed.
Yallah said he will infuse the amount into the loan scheme to empower the groups, and urged Bong County women to use the money to build their economic base and become major contributors to the society.
The Senator assured that he will not take any interest from beneficiaries, adding that he has decided to convert his activities from infrastructural development to economic empowerment of the people of the county.
The aim of the initiative, according to Senator Yallah, is to improve the livelihood of ordinary women in the county between now and 2020.
The initiative, the Bong County Legislative Caucus Chairman stated, is part of his new political strategy.
Disbursement of the funds, the Senator noted, will begin with five million dollars and by December 2019, he would have invested L$20 million into the loan scheme.
In remarks, the Manager of the Total Rural Community Management Bank located in Totota, Bong County, disclosed plans to provide financial management training for the targeted women groups to help them understand the rudiments of doing business.
He added that the would-be beneficiaries will pay fees as service charge on the loan they get, and called on them to use the funds properly when disbursed.
He noted that Liberians do not benefit from loans because they are not good at loan repayment.