One of Liberia’s leading insurance firms, the Insurance Company of Africa (ICA-Liberia) has provided loans to 26 of its clients in Bong, Lofa and Nimba counties.
Sam O. Mintah, chief executive officer of ICA, who made the statement over the weekend after the launch of the company’s regional policy, assured the beneficiaries that he will buttress the government’s efforts through its economic drive to put smiles on the faces of Liberians.
He said since the establishment of the Insurance Company of Africa in 1969, it has provided micro loans to thousands of Liberians.
According to Mintah, loans that are given to these families or individuals will enable them to support themselves and their children. “We encourage them to start small with loans ranging from US$200 to US$500 depending on the business type. They first must demonstrate that they have the necessary business skills to be successful on a small scale, before we will trust them with more.
“We believe strongly that handouts are not the answer to systemic poverty. We believe the solution is to mentor, teach and train the people of Liberia to provide for themselves and for one another. We give preference to families that are taking care of orphaned children,” he said.
CEO Mintah explained that on a yearly basis, his company provides assistance to community dwellers and orphanages across the country as its own way of giving back to the society.
He called on citizens of the three counties to make business with the company, especially employees of the government.
“We are pleased with our current percentage of loans paid back and plan to expand this area as funding becomes available,” he assured.
In remarks, the beneficiaries thanked ICA for helping them to improve their lives.
Most of the beneficiaries, who are business women, said through the loan, they are able to send their children to school and support their families.