The Lead Pastor of Victory Life Bible Church International, Apostle Lawrence Achudume, has backed an interest-free business financing model designed to help entrepreneurs strengthen their enterprises without the burden of additional financial charges.
Achudume said the initiative was part of efforts to provide practical economic support to individuals seeking to establish, expand or sustain viable businesses, stressing that empowering entrepreneurs could have a multiplier effect on families and communities.
He spoke on the initiative as the church, through its Entrepreneurship Support and Development Committee (ESDC), continued its intervention to support members with viable businesses and business ideas.
According to him, entrepreneurship remains an effective means of promoting self-reliance, creating employment and improving the economic wellbeing of individuals and families.
“The church recognises entrepreneurship as an important avenue for empowering individuals, creating employment opportunities and improving the economic wellbeing of families,” Achudume said.
He noted that the objective was not simply to put money in the hands of beneficiaries, but to help them develop productive ventures that could become sustainable sources of income.
Achudume commended the ESDC, under the leadership of its Chairman, Wole Elusakin, for its efforts in driving the initiative and ensuring that deserving entrepreneurs receive the necessary support.
Speaking on the structure of the programme, Elusakin, who is also the Chief Executive Officer of Pomegranate Nigeria Limited, described the intervention as a non-profit, non-interest loan scheme designed to provide entrepreneurs with access to business capital while allowing the funds to revolve among successive beneficiaries.
He explained that the committee deliberately chose a loan model because experience had shown that some beneficiaries could misuse outright grants, particularly when they considered such funds free money.
Elusakin said, “If you give people grants, there is a tendency for some people to misuse the money because they see it as free money. That is why we decided that this should be a loan. Any money given for business should be used judiciously and for the purpose for which it was provided.”
He stressed that the loans attract no interest, adding that beneficiaries are expected to repay the principal so that other entrepreneurs can also access the opportunity.
“The repayment is important because it allows other people to also benefit from the programme,” he said.
Elusakin said the scheme had already produced encouraging results, with some previous beneficiaries using the funds to expand their businesses and subsequently completing their repayments.
“I am happy to tell you that some of the people who previously benefited from this programme have invested in their businesses and made significant progress. Some have fully paid back, while others have grown their businesses to the extent that they no longer have the need to take additional loans,” he said.
He said the experience had encouraged the committee to extend the intervention to more entrepreneurs, noting that millions of naira had been approved for some beneficiaries under the latest phase.
According to him, applications are subjected to assessment to determine the viability of the businesses, the applicants’ needs, the proposed use of the funds and their prospects for growth.
Elusakin added that the committee's support was not restricted to financing, as submitted proposals could also receive advisory assistance to help beneficiaries make appropriate business decisions.
He urged entrepreneurs with viable business proposals to take advantage of the opportunity, stressing that beneficiaries must demonstrate commitment, accountability and prudent management of the funds.
Elusakin also expressed appreciation to Achudume for his support for the initiative and commitment to helping entrepreneurs build sustainable businesses.
“I want to especially thank our Papa, Apostle Lawrence Achudume, for his support for this project and for ensuring that people are empowered to grow their businesses in one way or another,” he said.
Beneficiaries include Stephen Temitayo of Ojulowo Tailor, Adebisi Oluwakemi, Jeremiah Alade and Mo Glow Bubbles, among others.
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