23 January 2013

Liberia: FFWL Provides Over L$32,000, U.S.$440,000 to Clients

The Foundation for Women Liberia (FFWL) has reported that during the year 2012, it provided a micro-finance loan in the tone of LD31,641,000 and US$440,000 to its clients as a means of empowering them.

The disclosure was made by the Chief Operating Officer of the Foundation for Women Liberia Mr. David Beyah when the Chief Executive Officer of the organization was honored as Outstanding Executive Officer of the year 2012 by a local media group.

Mr. Beyan said majority of those who received the loans are single women with their children living at or below poverty level.

He said that the organization was established in 2006 with the objective of uplifting disenfranchised Liberians, especially poor Liberian women.

He said that FFWL was established to put out poverty by providing clients with small size loans that will enable them engage in marketing.

The FFWL official said that they will continue their struggle until poverty is eradicated from Liberia in an effort to improve the living standard of the people.

Mr. Beyan said borrowers may be survivors of war, domestic abuse with limited education and little or no experience in managing money, adding that seminars and workshops are given to enable them properly use the funds.

He further noted that unemployed or underemployed with no collateral, credit history or borrowers expect that they will work hard and have the desire to use existing skills to start business.

He said that at present, they are in more than 250 communities in Lofa, Bong, River Gee and Montserrado Counties.

Mr. Beyan has commended their clients for their rapid response in paying back what they have credited.

He said the upgrading of the living condition of Liberians should claim the attention of every Liberian and not the government alone.

According to him, the loan goes with interest while an unspecified amount has been set aside as saving for the borrowers.

He said due to the low financial income of the borrowers, FFWL has given a seven months period for repayments.

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