Introduction
The Revolving Loan Scheme of Mama Nnanna Foundation helps people who are already running small businesses but need some extra money to move forward. It gives them small loans they can actually access without stress, so they can add to what they are doing, grow their work, and earn better each day.
By offering this support, the Foundation helps beneficiaries improve their income, sustain their livelihoods, and build greater financial stability over time.
What the Programme Does
The programme provides small loans to individuals engaged in trading and craftsmanship, such as tailoring, weaving, and other income-generating activities. These loans are designed to meet any immediate business need, including the purchase of goods, materials, or basic equipment.
The scheme works in a simple cycle—people can borrow, pay back, and then borrow again when they need it. This steady support helps them keep their business going and even grow it as time goes by. The loans are kept small and easy to repay, so no one feels too much pressure while trying to pay back.
Who It Supports
The Revolving Loan Scheme is targeted at individuals who are economically active but still living in poverty. These are people who have the ability to work and run small businesses but lack access to financial resources.
The programme places particular focus on women, recognising their role in supporting families and communities. It also supports individuals who have existing businesses or clear plans to start one. By focusing on active individuals, the Foundation ensures that the support provided leads to sustainable income generation.
How It Works
The programme starts by finding and selecting people who qualify for support. Anyone applying must already be running a small business or have a clear plan to start one. Once they are approved, they receive a set amount of money to help them run or grow their business.
Loans are typically granted for a period of three to six months, with a short moratorium period before repayment begins. Beneficiaries repay little by little as agreed. Once they finish paying, they can apply again for another loan. This way, they keep having access to support while also learning how to manage money well and stay responsible.
Eligibility Criteria
To qualify for the loan scheme, applicants must be economically active and demonstrate a clear ability to use the loan productively. The programme is primarily designed for women engaged in small-scale business activities.
Anyone who wants to apply must already have a business or have a clear business plan. The loan is given for certain businesses, like trading or skilled crafts. The Foundation reviews each application carefully and gives priority to people who truly need the help and are serious about making good use of it.
Impact and Importance
The Revolving Loan Scheme helps people stand on their own and improve their lives by giving them access to money they can use for their businesses. With this support, they can grow what they do, earn more income, and reduce the struggle of making ends meet.
With the help they receive, beneficiaries can take care of their daily needs, support their families, and stay active in their local business environment. Because the scheme allows people to repay and others to borrow, more individuals can benefit over time, creating a steady support flow.
This programme demonstrates the Foundation’s focus on helping people stand on their own instead of depending on others. It gives them the confidence to move forward, improve their financial situation, and create better opportunities for the future.
