$1million African Enterprise Development Fund to be launched on October 11, 2004!

(PRWEB) October 5, 2004

Africa Mutual Funds Corporation, Dallas, Texas will launch the “African Enterprise Development Fund” at 10:00a.m Central Time on Monday, October 11, 2004 at the headquarters of the Funds at Two Galleria Tower in North Dallas. The Fund, which will be open to the first 4,000 investors with a minimum investment requirement of $ 250 per subscriber. Investments to the Development Fund will be open for subscription up to and including January 10, 2005. The newly appointed Treasurer of the Group, Mr. Julius Odelana announced this morning. Julius who was brought in from the Nigerian office of Africa Mutual Funds to replace Bashir Ashimi, the Treasurer of the group since inception more than two years ago. Mr. Ashimi resigned a month ago after he was appointed by the Nigerian President as State Coordinator for National Poverty Eradication Program(NAPEP) in Oyo State, Nigeria. Bashir has since assumed duties in Ibadan, the Oyo State Capital in Nigeria.

The fund will provide short to medium-term loans to African businesses who need expansion or project execution money for their domestic operations here in the United States. Investors in the fund will earn at least a yearly interest rate of 3% which will be paid half-yearly in July and January. Loans, which will be granted to small businesses will require a practical business plan incorporating loan repayment with interest.    

Loans from the Fund will attract competitive interest rates which will be determined by the credit score of the individual or the applicant business.

Detailed Information about the Funds can be obtained at AmFunded@africamutualfunds.com


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