In an inspiring display of philanthropy and commitment to economic empowerment, the Ikechukwu Ezeugwu Foundation has rolled out a game-changing micro-credit initiative aimed at uplifting local businesses and cooperatives in Enugu State and beyond. With an investment of ten million naira (N10 million), the foundation is offering grants to over 60 individuals and business groups, ensuring that they receive the support they need to grow and sustain their trades and investments.
The initiative, launched in Igugu, Udenu local government area of Enugu State, builds on the foundation’s over 12-year legacy of transforming lives through education. Previously known for providing scholarships to deserving students, the foundation has now extended its scope to include business startups, recognizing the need for financial support for individuals striving to make a living.
Dr. Ikechukwu Ezeugwu, the visionary founder of the foundation, described the initiative as more than just a financial aid program; it is a tool for liberation. “I started my business in Lagos by borrowing, and it was through hard work and self-reliance that I succeeded,” Dr. Ezeugwu shared at the event. “This initiative is about empowering small businesses to stand on their own and grow.”
Among the recipients of the interest-free loans are several key community groups, including the Igugu Community Trade and Investment Committee, Nsukka Produce Association, Orba Produce Buyers Association, Ozioko Council of Elders, and Oganiru Age Grade Association. Each beneficiary received amounts ranging from fifty thousand naira to one million naira, with the larger groups, such as the Cashew Producers’ Marketers Association, benefiting from a revolving loan system.
The foundation’s unique approach emphasizes mentorship alongside financial aid. Dr. Ezeugwu assured the beneficiaries that the foundation will provide guidance and monitor their progress, reinforcing the idea that success is not just about receiving money but about learning how to sustain and grow a business. “We are teaching them how to catch fish, not just giving them fish,” he stated.
This micro-credit scheme is a natural extension of the foundation’s broader mission to support the less privileged. Over the years, the Ikechukwu Ezeugwu Foundation has trained professionals across various sectors, producing medical doctors, engineers, and other skilled workers. Prof. Malachi Okwueze, a member of the foundation’s Board of Trustees, highlighted the foundation’s evolution, noting that its outreach began with scholarships for individuals from Udenu local government and has now expanded to include people from the North East geopolitical zones of Nigeria.
In a show of unwavering community support, HRH Igwe Augustine Ezeugwu, the traditional ruler of Igugu, praised Ikechukwu Ezeugwu for his long-standing dedication to philanthropy, noting that the foundation’s impact extends far beyond just financial assistance. The Igugu monarch expressed confidence that the community would experience significant positive changes in the coming years, fueled by initiatives like the micro-credit scheme.
“The next five years will be transformative for Igugu, thanks to the efforts of Ikechukwu and the foundation,” the monarch predicted.
While the Ikechukwu Ezeugwu Foundation continues to make strides in improving lives, this new initiative offers a beacon of hope for small business owners, entrepreneurs, and communities throughout Enugu State, marking yet another chapter in the foundation’s tireless journey toward creating lasting, meaningful change.
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