Lofa County- Senator Momo T. Cyrus has launched a $50 million interest-free loan program aimed at alleviating financial constraints and bolstering the business capacities of women in Lofa County.
This initiative, part of the senator’s Women Empowerment Program, was officially unveiled on July 26, 2024, at the Williams V. S. Tubman County Hall.
The inauguration event drew a large audience, including key stakeholders from Lofa County and enthusiastic citizens eager to witness the launch of this ambitious project.
Senator Cyrus, who had consistently emphasized his commitment to supporting women during his campaign, dedicated the substantial loan fund to assist women’s groups in the county, igniting hope and excitement among the attendees.
During the launch, Arthur Kowah, Chief of Staff to Senator Cyrus, highlighted the enthusiasm among women’s groups keen to benefit from the loan program. Kowah specified the eligibility criteria: groups must consist of at least ten members, have been active for a minimum of two years, and be engaged in community development activities.
Applications for the loan must be submitted at the community bank in Voinjama, with each member providing valid identification.
The bank will oversee the loan process, ensuring borrowers adhere to repayment terms.
The program’s launch was met with widespread approval from those present.
Many attendees expressed their satisfaction with Senator Cyrus for fulfilling his promises and prioritizing the welfare of women in Lofa County.
This initiative is expected to significantly improve the lives of women, enabling them to contribute more effectively to their communities’ growth and development.
Senator Cyrus’s $50 million interest-free loan program represents a monumental step towards women’s empowerment in Lofa County.
As anticipation builds among the women’s groups eager to seize this opportunity, the initiative is poised to have a profound impact on the socio-economic advancement of the county.
The atmosphere at the Williams V. S. Tubman County Hall was electric, with women from various communities across Lofa County converging to witness what many described as a new dawn for women’s empowerment in the region.
The program, which has been in the planning stages for months, was finally brought to fruition with the support and leadership of Senator Momo T. Cyrus.
Senator Cyrus, in his address, reiterated his commitment to the development of Lofa County, particularly the empowerment of its women.
He emphasized that women play a crucial role in the economic and social development of any community, and as such, empowering them is synonymous with empowering the entire county.
He expressed his gratitude to the women for their unwavering support and trust in his leadership.
“Today marks a significant milestone in our journey towards the economic empowerment of our women. This $50 million interest-free loan program is not just about providing financial assistance; it is about investing in the future of Lofa County. It is about ensuring that our women have the resources they need to build better lives for themselves and their families,” Senator Cyrus stated.
Arthur Kowah, Chief of Staff to Senator Cyrus, outlined the stringent criteria that women’s groups must meet to qualify for the loan.
This, he explained, is to ensure that the funds are allocated fairly and that the program benefits those who are truly committed to community development. The criteria include:
Group Size and Duration: Each group must have a minimum of ten members and must have been in existence for at least two years. This ensures that the groups have a proven track record and are not hastily formed to take advantage of the program.
Community Engagement: The groups must be actively involved in community development activities. This could include initiatives related to health, education, agriculture, or any other sector that contributes to the welfare of the community.
Application Process: Interested groups must apply for the loan at the community bank in Voinjama. Each member of the group must submit a valid and recognized identification card. This ensures that all beneficiaries are accounted for and that the process is transparent.
Loan Monitoring and Repayment: The community bank will play a crucial role in monitoring the loan disbursement and ensuring that the borrowers adhere to the repayment terms.
This is to prevent any misuse of funds and to ensure that the program remains sustainable.
The launch of the loan program was met with overwhelming appreciation from the community.
Women from various groups expressed their excitement and gratitude, highlighting the positive impact this initiative will have on their lives.
Rebecca Mulbah, a member of the Lofa Women’s Cooperative, shared her optimism: “This loan program is a game-changer for us. It will enable us to expand our businesses, invest in new opportunities, and ultimately improve our standard of living. We are grateful to Senator Cyrus for keeping his promise and for believing in the potential of the women in Lofa County.”
Another attendee, Martha Kpan, emphasized the importance of such initiatives in fostering economic independence among women: “For too long, women in our community have struggled to access financial resources. This program will empower us to take control of our economic futures and contribute more significantly to the development of our county.”
Senator Momo T. Cyrus’s $50 million interest-free loan program is set to transform the socio-economic landscape of Lofa County.
By providing women with the financial resources they need, this initiative will enable them to pursue entrepreneurial ventures, improve their livelihoods, and support their families.
As the program gets underway, there is a palpable sense of hope and anticipation among the women of Lofa County.
The initiative is expected to not only uplift individual beneficiaries but also stimulate broader economic growth and development in the region.
The launch of the $50 million interest-free loan program marks a significant step towards women’s empowerment in Lofa County. Senator Momo T. Cyrus’s commitment to the cause has been met with widespread acclaim, and the program is poised to have a lasting impact on the lives of countless women in the county.
By: Samuel Borlay/ Correspondent
