The Olusegun Okanlawon Foundation, OOF in collaboration with Alpha Innovation Studio has rolled out an interest-free loan for graduates who are indigenes of Ibarapa zone of Oyo State.
In a newsletter released by the OOF founder, Engineer Olusegun Okanlawon on 1st December 2020, each applicant with a new business idea or currently running a business will be given an approved amount of One hundred thousand Naira each.
According to him, every beneficiary of this interest-free loan must refund within a space of six months of receiving it with a month moratorium.
The Newsletter Read thus:
GRADUATE INTEREST-FREE LOAN
Following our earlier announcement of the launch of our interest-free loan package for graduates in business, we would like to use this opportunity to provide further details about the program.
The interest-free loan package is a collaboration between Olusegun Okanlawon Foundation and Alpha Innovation Studio. The loans are given to support Ibarapa graduates with business ideas or currently running personal businesses, who require additional capital for their businesses. A total of NGN 100,000 will be given to each approved applicant.
Interested applicants will be required to fill a form and provide a guarantor, who must agree to stand as a guarantor and to repay the loan in case of default by the borrower.
The applicant must be running a business (or have already secured/spent 30% of the required capital, if just starting the business) for the application to be approved.
Refund: The loan must be refunded in full within 6 months after receiving it. There will be one-month moratorium, that is, the borrower will not pay anything in the first month after receiving the money. Monthly repayment of NGN 20,000 will be paid over five (5) months, from the second month to the sixth month.
When the loan has been given to a graduate from a particular Ibarapa town, no loan application would be approved from another applicant from that same town until the former has made 80% refund of the loan he/she had received. This means that the chances of another person in a town to receive the loan rests on the successful and timely refund of the previous borrower from that town.
The first group of three recipients, one each from Ayete, Eruwa and igangan have received this loan after proper verification of the loan’s purpose.
We are hopeful that this initiative will support some of our young people as they seek to create value, be self-employed, and become employers of labour. On this note, we advise successful applicants be dutiful by repaying as expected so that other applicants can benefit.
Thank you.
The Management
Olusegun Okanlawon Foundation
