Dr. Olatunde Olusesi, a U.S.-based university professor, has launched a zero-interest loan programme to support small-scale business owners.
The initiative, part of Dr. Olusesi’s Ferefayo Empowerment Programme, was introduced on Monday at Itoku Market in Abeokuta, Ogun State, and commemorates his 60th birthday.
The programme honours his late mother, Alhaja Anisat Amosa Olusesi, a well-known trader from the same market.
Under the Ferefayo Empowerment Scheme, a new social entrepreneurship venture by Dr. Olusesi through his Lorranisa 11/11 Enterprises, small business owners can access micro-loans of N25,000 with favourable repayment terms designed to ease financial strain.
This initial phase will fund hundreds of beneficiaries as a startup or business expansion capital.
At the launch, Lorranisa 11/11’s General Manager, Abolade Afeez, clarified that the loans require no initial deposit, come interest-free, and are processed at no additional cost.
Beneficiaries are only required to repay N20,000, with the remaining N5,000 as a grant. Initial recipients include vendors of items like sachet water, vegetables, and fruit.
In this first phase, 130 individuals will receive loans, with more funds planned as demand grows. Beneficiaries have up to one year to complete repayment.
Guest lecturer Elder Olugbade Ogunsiji encouraged recipients to follow the repayment plan of N500 weekly over 40 weeks to allow others to benefit from the scheme.
Lorranisa 11/11 Enterprises, a social entrepreneurship organisation, supports low-income Nigerians by creating job opportunities and providing loans to farmers, artisans, and others.
