BUSINESS SCALE UP PROJECT
Business Scale up Project (BSUP) is one of JAKIN N.G.O initiated projects. It provides loans for vulnerable women to help boost their businesses. Potential beneficiaries enrolled in the project are assessed, screened and verified. The criterion for assessing the loan includes
- Owning a small scale business (hawking or rendering services inclusive)
- Pairing up with a partner who will serve as a trustee.
The women are taken through protocols which include verifications to determine the nature of their businesses, location, & type of business. Refunds for the form purchased are made to those who fail the assessment exercise.
Vulnerable women who have been set up in small businesses by Jakin N.G.O not earlier than six months or other less privileged community women who have existing businesses of up to 6 months come in pairs (2) or as groups (5 to 10 women) to access this opportunity.
The target beneficiaries are less privileged grassroot women struggling both to make ends meet and also to expand their businesses in the midst of Nigeria’s dwindling economy. A pair or group are accountable to themselves. New beneficiaries are enrolled on a daily basis as existing beneficiaries pay back their loans every week within their 11weeks payback period.
Jakin business scale up project commenced with the pilot edition in 2015 with 14 women. Each of them collected a loan of N10, 000 and paid back in 11 weeks.
The success of this pilot paved way for the full commencement on the 23rd of May 2016. On the 1st of June 2016, loans were disbursed to the qualified beneficiaries who enrolled.
With the support of OMMA Comfort Foundation received in August 2016, over 250 women have received loans of either N10, 000, N15, 000 or N20, 000. Also two quarterly business and health empowerment seminars were conducted for 150 participants.