The Ikechukwu Ezeugwu Foundation has unveiled a micro-credit scheme of N10 million grants to empower over 60 individuals and business groups to enhance their respective trades and investments.
While unveiling the programme at Igugu, Udenu local government area of Enugu State, the founder of the foundation, Dr. Ikechukwu Ezeugwu, said that the micro-credit scheme was more than just financial support but a path to liberation for small businesses seeking growth.
Among the recipients of the interest-free credits include, the Igugu Community Trade and Investment Committee, Nsukka Produce Association, Orba Produce Buyers Association, Ozioko Council of Elders, and Oganiru Age Grade Association.
He said that the scheme was an extension of “our commitment to the less privileged in society, building on our educational endowments. “
Ezeugwu said: “After 12 years of concentrating on scholarships and mentorship, we’ve decided to support business startups.
“This initiative is about more than just money; we have dedicated individuals who will mentor and monitor your progress.”
The former leader of the Enugu State House of Assembly, emphasised the importance of giving back to the society saying: “As you flourish, extend your hand to others in your community.”
He explained the modality for the scheme: “We’re starting with a modest N10 million naira.
Each individual can receive up to N500,000 naira, while groups like the cashew producers’ marketers association can access a N1 million naira revolving loan, interest-free for one year.
According to him, success hinges on monitoring and support, with the potential for further funding if warranted.
Ezugwu urged the beneficiaries to conduct their businesses with integrity and a sense of responsibility, adding that their reputations would determine their future opportunities.
Prof. Malachi Okwueze, a member of the foundation’s Board of Trustees, highlighted the foundation’s journey.
He said: “Initially, we focused solely on scholarships for deserving individuals from Udenu local government before expanding our reach across Enugu North and even into the North East geopolitical zones of Nigeria.
“Recognising that people need to feed before they can think of education, we created this micro-credit and grant initiative for business starters.”
HRH Igwe Augustine Ezeugwu, the traditional ruler of Igugu, revealed that Ikechukwu Ezeugwu’s passion for philanthropy was evident from a young age, long before he ventured into politics.
The monarch noted that Ezeugwu leads the community’s trade and investment committee, which had received N1 million credit, further enhancing its impact with a personal donation of another N1 million naira.
“As we look to the future, I foresee a remarkable transformation in the Igugu community within the next five years,” Igwe Ezugwu said.
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