The New Kru Town Association in the Americas (NEKTAA) will formally launch its first Micro Finance Pilot Project (MFPP) on Saturday, June 15, 2019, in the borough of New Kru Town to help market women and fishermen.
During the launch of the project, Madam Wanneh Elizabeth Botoe, said MFPP will provide financial assistance to small-scale businesses in the Borough of New Kru Town to empower them to grow and be sustainable over a long period of time. Madam Botoe is the chairlady of the MFPP.
A release quoting Madam Botoe said that the financial support is designed to give “small businessmen and women a hand up. It is not a handout.”
Botoe observed that “small business people have limited or no access to traditional banking institutions and often face many barriers which prevent them from borrowing that is why NEKTAA is lending a hand to uplift our people.”
The first beneficiaries to be impacted by the project are market women and fishermen of the Borough who have been the economic mainstay of this understanding urban community throughout its history.
Madam Botoe said that 12 participants, comprising seven market women and five fishermen, have been selected and qualified to participant in this pilot project.
According to her, the selection of the initial participants, was based on an extensive survey that was carried over a period of four months, involving 35 participants whose length of stay in business, residency in the Borough, and good character in the community, where used as criteria for their selection.
Madam Botoe said each participant would be awarded an interest-free loan of US$500 and will be paid back over a nine-month period.
Thomas Wulah, president of NEKTAA, under whose leadership the micro finance project was conceived, has noted that this is the organization’s second milestone achievement since it’s founding.
NEKTAA launched its first milestone project, the New Kru Town Community Library and Resource Center, which today serves the needs of thousands of students in the Borough of New Kru Town.
NEKTAA is an American-based nonprofit organization founded in 2005 by sons and daughters, and former residents of the Borough of New Kru who currently reside in the diaspora, United States and Canada.
The organization’s mission is to promote cooperation among those in the diaspora and at home as well as to foster humanitarian, educational, and economic self-development initiatives in the Borough of New Kru Town.