The Gbonse Foundation for Economic Development has launched a new intervention offering collateral-free loans and free medical checkups to market women in Lagos, in a move aimed at easing financial strain and improving access to basic healthcare among informal traders.
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The initiative was unveiled during an outreach programme held at Ikotun Market on Saturday, where the foundation engaged traders facing mounting economic pressures and highlighted its broader support schemes designed to stabilise and grow small-scale businesses.
The outreach featured free medical screenings alongside sensitisation on the foundation’s loan programme, which targets market women, artisans and petty traders with small, interest-friendly funding options that do not require collateral. According to the foundation, the approach is structured to remove traditional barriers that often exclude low-income earners from formal credit systems.
Speaking at the event, the chief executive officer, Helen Olaniyan, disclosed that the organisation has supported over 100 market women in the last six months, with loan disbursements starting from as low as N40,000.
“Women are often the backbone of our homes, as well as key drivers of economic and social development. However, many women and families face challenges in accessing basic healthcare and financial opportunities,” she said.
Olaniyan stressed that the foundation’s model goes beyond financial assistance to include health and social support systems that strengthen long-term outcomes for beneficiaries. “When women are healthy and empowered, families become stronger, communities become healthier, and society progresses. That is why we are out today to help as many women as possible access these collateral-free loans for their businesses,” she added.
She noted that the programme has recorded strong participation and positive feedback from previous engagements. “Women have been really appreciative. Last month, we held the same outreach for members, and the turnout was quite high, with many testimonies on how they benefited,” she said.
To access the loans, beneficiaries are required to register as members of the foundation, which also provides legal advisory services, supports children’s education and apprenticeships, and offers business mentoring.
On loan management, Olaniyan said the foundation adopts a hands-on approach. “We monitor loan usage through daily follow-ups to ensure funds are applied judiciously. We are here not to stress them about repayment but to support and guide them so they can pay back without coercion,” she said, adding that the foundation also advises beneficiaries on business sustainability strategies, including capital discipline and product diversification.
