GANTA, Nimba – Jeremiah Koung, the representative of Nimba’s 1st District has made a donation of LR$50,000 (US$588) to the Nimba branch of the National Petty Traders Union of Liberia.
The lawmaker made the donation to the group in Ganta on Monday, June 1 at the Ganta Intellectual Center. Koung said he was once a petty trader, selling gasoline and understands the difficulties that petty traders face in Liberia.
Koung’s donation fulfilled a pledge he made to the group in Ganta on May 29 when attended the launch of its Nimba branch.
As he presented the gift, Koung asked the Union to “adjust [its] interest rate of 14%†when loaning to members.
“In our country today, the profit margin of an ordinary Liberian businessperson is between 7–10%,†Koung said. “So, it is our appeal that you please adjust your interest rate in that line, so that our people can have a breathing space in paying back the money, and experience progress in whatever businesses they will be engaged with.â€
Representative Jeremiah Koung at the Ganta Intellectual Center. Photo: Arrington Ballah
Nyumah Fayiah, the chairman of the Nimba branch of the Union, received the donation and thanked the lawmaker.
“Since this Union was founded, apart from the Central Bank loan we received in 2013, you are the first individual to make such a huge donation to us,†Fayiah said.
In response to Koung’s request to reduce the interest rates on loans, Fayiah said, “We’ve heard your appeal and do promise to make some adjustments in our interest rate.â€
NAPETUL is an umbrella organization for small business traders around the country. The union was founded in 2009 to protect the rights of petty traders.
NAPETUL also lobbies for funding that they provide to members as microloans. Members often use the loans to improve their businesses and pay back at a scheduled time.
