By Ike Uchechukwu, CALABAR

The Executive Director, May and Frank Akpo Foundation, MFAF, Dr Eric Akpo has asserted that if loans become easily accessible, small & medium scale Businesses would thrive and become more successful.

He made the assertion on Wednesday in Calabar when the foundation supported about 50 small and medium-scale business owners with Micro-Credit Loans of 50,000 naira each.

He explained the decision to support small businesses was as a result of the present economic hardship and the fact that several businesses were struggling following the aftermath of the COVID-19 pandemic.

He said that the loan will boost the business of the beneficiaries as it will enable them grow their businesses invariably expand as well be able to carry more people along as employees in the long run.

His words:” We took the decision to support these people with the loans for them to expand their businesses and it is interest-free.

“We understand the present economy situation in the country and the impact of COVID-19 pandemic that have kept many businesses struggling.

“These people were carefully selected after going through their applications and visiting their various businesses to ascertain their need.

“In giving out this support, we have advised them to cultivate the habit of saving so as for them to benefit from the second phase which we are planning,” he stated.

Akpo also said plan is underway by the foundation to open a school that would particularly caretaker for the less privileged in the society.

Speaking with Vanguard, a beneficiary of the loan, Mrs Udofia Christiana lauded the Foundation for the gesture adding that they have giving her business a new breath.

She said:” If I had gone to a micro finance bank it would have been difficult to get the 50,000 naira , but they made it easy for me , I’m getting the loan without any interest and if I do well, they will give me more .

” It’s a welcome development , I must commend them for their magnanimity, I can now buy more good to add to what I use to buy before now , and as I grow I plan to expand and have more points , ” she said .