30 Women Benefit from Micro-finance Loan Project

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Beneficiaries of the Locula Foundation Microfinance Loan Project

At least 30 women from different backgrounds have benefited from a micro-finance loan project under the auspices of an organization called “Locula Foundation” on the Duazon, Robertsfield  Highway.

On Saturday, March 2, 2019, the Locula Foundation officially launched a micro-finance industry project for poor single mothers. The Foundation’s micro-finance industry project is intended to empower poor single mothers for income generation.

During the launch, every single mother received US$100. The founder and executive officer of Locula Foundation, Jerry Locula said the initiative currently targets 30 women in Montserrado County with US$3,000. He said it was also intended to help to struggle and potential women establish a small business and sustain financial independence.

“It is further intended that through this micro-credit scheme, single mothers who cannot afford to send their children to school will have the opportunity to pay their children’s tuition,” he said.

According to him, there is an increasing number of poor young single mothers in the country, which he said indicated that nearly 95 % of women in the country are single mothers. Many of them, he said are compelled to drop out from school in order to raise their child (or children).

He said many women in Liberia have no access to bank loans in order to get the needed assistance due to banks’ regulatory policies, therefore, the Locula Foundation thought it was important to launch the micro-finance industry project for well-deserving and transparently vetted poor single mothers to help them help themselves. “Let me assure you that the beneficiaries of this loan, after six months, you are not going to pay back with an interest, just make sure to report the principal,” he clarified.

Without education for the children of poor single mothers, which many of their mothers did not also acquire, the circle of poverty will continue and becomes a bigger generational catastrophe for the larger society, he said.“I feel very important today because I am no longer going to beg for food, this Foundation has now empowered me as a single mother of two,” Ms. Comfort Washington told the Daily Observer. She said over the years being a single mother has brought her a lot of disadvantages, which she said has devalued many women in Liberia.

The foundation was established in August 2018 with the purpose of empowering single mothers to enable small business and/or improve their small existing businesses for reasonable income generation.

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