Co-Operatives Join Forces, Partner Bank To Empower SMEs – Target 37,000 Entrepreneurs

As the challenges of Covid-19 eat deep into the economy and businesses of entrepreneurs, three co-operatives societies, iEBS Matrixx, Amazing Grace and Victorious Flourish have joined forces to empower Small and Medium Enterprises (SMEs).
This was made known during the launching of “Quartragon 8x”, a loan facility programme in Port Harcourt.
Speaking during the launching programme, the President/Chairman of iEBS Matrixx, Dr. Larry-Goodwill Ajiola who is the Quartragon 8x programme director, said the joint co-operative is partnering with Sterling bank to empower SMEs. 
Dr. Ajiola who is also a United Nations (UN) Eminent peace ambassador said that the new programme targets to empower up to 37,000 entrepreneurs.
iEBS Matrixx Chairman said the programme is already registered with UN, adding that the co-operatives have organised the investment and repayment of the loan for her members.
He reiterated that the loan of N300,000 would help the members in their business, as well as alleviate poverty, saying, “growth and repayment plan is through crowd funding in the informal sector”.
In her contribution, the President of Amazing Grace Co-operative, Dr. (Mrs) Apollonia O. Eke said that, “an entrepreneur is the oxygen of the economy.
“The three co-operatives decided to come together, partner with Sterling bank to enable us empower as many Nigerians as we can”.
Dr. Eke noted that the problem of loan repayment was responsible for the difficulty experienced by SMEs in accessing bank loans, noting that the co-operatives have taken a proactive measure and plans in ensuring that the six months loan is repayed within two months.
The Director of co-operatives, Rivers State, Dr. Elizabeth Chidi-Wike said “co-operative remains one of the vehicles used to create wealt in the atmosphere where there are setbacks and poverty”.
The Director who was represented by Mr Charles Nwabuike, commended iEBS Matrixx co-operative for the new programme which he would go a long way in helping the members.
“Co-operatives coming together to work as a team to improve their social economic life is a step in the right direction”, he said.
The zonal head Sterling bank, Port Harcourt, Madam Ogechi Gab-Anukam reiterated the preparedness of the bank to continue the partnership for the success of SMEs.
The highlights of the programme include, hand over of loan cheques to members, ATM cards among others.

By: Lilian Peters