BETTER LIFE: TURNING DISADVANTAGED WIDOWS INTO SMALL BUSINESS OWNERS
Today, over 90% of these women struggle to own small business and are denied access to capital. Better Life will help disadvantaged widows and active poor rural women in Nigeria communities gain access to capital they need to build their small businesses. So that they can contribute to the prosperity of their families and that of their communities.
Apply now for the $500,000 (Five hundred thousand dollars) Felix King Foundation’s Better Life for Rural African Women in rural communities.
We are committing $250,000 to this project for initial take off and hope to mobilize another $250,000 for expansion.
Application will open soon.
HOW THE GRANT WILL BE MANAGED TO BE PRODUCTIVE
Beneficiaries are expected to contribute 40% of their initial capital grant received from Felix King Foundation to the purse of the meeting group within 12 months period.
MODALITIES FOR CONTRIBUTION BY MEMBERS:
- The first 3 months will be grace period – NO CONTRIBUTION
- From Month 4 to month 6 – 20 percent of capital received contribution to be made
- From Month 7 to month 12 – the balance 20 percent of capital received contribution to be made
- In principle , 60 percent of grant is free to beneficiary , while 40 percent of grant is expected to be paid back to her group for other women to benefit
EXAMPLE OF PERCENTAGE INTO FIGURES
If for example, a member receives #50,000, her 40 percent contribution to her meeting group will be #20,000. Her first contribution in the first 6 months will be #10,000. An average of #1,700 a month.
WHAT WILL THE 40% CONTRIBUTION BE USED FOR?
- The 40% contribution from members will be extended to new members that will be nominated by the meeting group to benefit.
- For instance, if 10 people are in a meeting group and received ₦50,000 each, they are expected to contribute ₦20,000 each to the purse of the meeting group within 12 months period which will amount to ₦200,000.
- This ₦200,000 will be given to 4 new members as nominated by the meeting group.
- At the end of 12 months, a 10 membership group meeting will grow to 14 members.