With the increase in the new wave of coronavirus in Liberia, which poses difficulty to business activities in the country and globally, renowned clergyman and politician Bishop Nimely Jacbokly Donyen has provided L$3,901,000 to several marketers in district #2, Montserrado County, as microloans.
The microloan program was initiated by the clergyman, in partnership with an American-based non- governmental organization (NGO), Compassion for Life, to help marketers improve their businesses in the Township of Johnsonville and other areas.
Speaking to the marketers recently in the Red Hill Community, Bishop Nimely Jacbokly Donyen appreciated God for giving him the opportunity to restart the microloan program, emphasizing that the loan is not intended for political purpose. He urged the beneficiaries to do their business with it and repay it.
He then said that no political string is attached to the money, and that the eligibility criteria for the loan is the ability of the borrower to pay back in time, because other marketers have also expressed interest in becoming a part of the program.
Marketers who benefited from the loan expressed excitement as they received the 4th batch, describing it as a stimulating factor to their businesses.
The Superintendent of the Up Town Market, Cecelia Kortee, lauded the clergyman and his partners for providing the loan, saying most of the marketers used to do what she called “sell-pay”: they take the goods and pay the owner after selling them. Now that they are financially potent, they are not crediting goods any longer.
She is quoted as sayin, “Some of our friends have small shops, while others travel to China, Guinea and other countries to buy their goods.”
The Superintendent of the Dorrobo Marketing Association in Monrovia, Solomon Nyensoirwah urged the marketers to be focused and consider the money as their own, because the interest rate of 10% is very low, compared to the rate being offered by banking institutions. He maintained that the loan has actually impacted their businesses, so they should be appreciative and work harder in order to repay the loan in time.
Marketers who benefited from the clergyman’s gesture were from the following markets: Jedepo Marketing Association of Monrovia, L$187,000; Mount Barclay Market, L$103,400; Wein Town Market, L$270,915; Dorrobo & Gbanken Marketing Association of Monrovia, L$L$385,000; Peace City Market, L$308,000; 5 small markets, L$227,050; Kpelleh Town Junction Market, L$660,000; and Up Town Market, L$440,000.
It can be recalled that since Bishop Donyen started the microloan program, marketers who have been benefitting for more than two years have been giving success stories relative to the manner in which their businesses are improving as the result of the loan.