In November 2013, the Jericho Businessmen Club established an empowerment scheme to provide financial support to traders and artisans of Ibadan origin.

The fund was seeded with the sum of N3, 010,000 contributed by JBC members.  Seedvest Microfinance Limited was appointed by JBC to manage the fund.

The goal in setting up the scheme is empowerment rather than returns on investment. It is conceived as a financial support in the form of short-term loans favourably priced below prevailing rates charged by Microfinance Banks to encourage confidence and early repayment.

So far, millions of Naira has been disbursed to hundreds of beneficiaries under scheme. Default from the loan has been very minimal, and amounts to less than 1% of current outstanding balance.

Eligibility

1. Must be a native of Ibadan land
2. Must have a valid trade certificate/evidence of “freedom” from learning a trade
3. Must have successfully practiced the trade either alone or as a journeyman/woman for at least two years after gaining freedom form his/her master.
4. All fields are eligible, provided the beneficiary demonstrates acute sense of seriousness and expertise in the field.
5. Must be able to provide an acceptable guarantor (i.e. capable of paying the unpaid balance of the loan).