Apostle Israel Emeka Kama, the CEO of Vision Skilled Development Centre, one of the NGOs authorised by the social exchange market to mobilise projects, businesses and business ideas for the fund,, assures the general public that the initiative is genuine.
According to him, he was skeptical of the program before he ventured into it, he said “We would have gone far if we had embraced it, ran with the vision, but we ran away from it, saying it was fake, but now I know better. Checking on line, I found out that the program has been on for some time now.
One of the beneficiaries, on www.naijaonlinebiz.com, said ‘if you have a project/business or your group wants to establish a business in any town or city in Nigeria, the grant is released by Social Exchange Market. The project/business or business idea may fall among these categories: block making, garment making, pure water industry, bakery, poultry and processing, Cassava plantation and processing, cattle ranching, nursery school, drug manufacturing industry, aquaculture and bottling companies. Tomato paste factory, matches and tooth pick, nylon industry, automated shoe making, flour mill, feed mill, etc.
“The grant is a minimum of N3million and maximum of N10million. No collateral needed. However, having fulfilled all documentations, there shall be disbursement. “This will call for monitoring of every project. You are not paying any thing. You are not returning the grant .Your ideas must be production-oriented on how to process and package products. It is not for buying and selling. Social Exchange Market are a group of philanthropists across the world. It is not MMM.
“The NGO will generate model micro-finance banks at the grassroots that will become a financial institution. A Model microfinance bank grant is released by Social Exchange Market for each project enlisted in that community, town or city under the group.”
At a seminar for his members in Lagos, Kama explained how to access the grant, him stated that the NGO is out to empower small scale businesses or ideas, getting to the grassroots, enabling them access the grant. He added that the grant is not a loan but an empowerment grant.
It ranges between N250,000 to N10million, now the amount you fill in the registration is not automatic. Your project would determine it, as many as filled the form will have the money but it may not be the exact amount they filled.
The first batch is already on the way. That is why we are doing the sensitization, telling people how to manage the funds. That is our major concern. Forms taken now would be in the second batch. But what we are here for is to sensitize the general public on what’s expected of them by the Social Exchange Market, how they must make use of the funds and what business they must invest the money in, what they must understand about the NGO and what we expect from them. This is the reason for the program; the money will be released at the end of October. Nigerians need to know this is real.