FG disburses loans to 4,000 GEEP MarketMoni beneficiaries in Edo
Edo State has recorded over 4,000 beneficiaries of the Government Enterprise and Empowerment Programme, GEEP.
The Vice President, Prof. Yemi Osinbajo, disclosed this at Edo State’s edition of Micro, Small and Medium-Scale Enterprise, MSME, clinic in Benin City, weekend.
GEEP is one of the National Social Intervention Programmes, NSIP, of the current administration providing interest loans of between N10,000 and N100,000 to market women, farmers, artisans and enterprising youths nationwide.
The Bank of Industry is executing it. Speaking at the event, Prof. Osinbajo said: “The policy of the Federal Government is to support businesses, not just big business but particularly small, medium-sized businesses and micro-businesses.
‘’The whole idea is to ensure that we give whatever support whether it is cash, advice or even registration, to all our small and medium enterprises.”
He added that the Federal Government was rolling out TraderMoni, a new micro-credit scheme, to cater for ultra-micro enterprises. “It is a different thing from MarketMoni because TraderMoni is for smaller traders.
These are the hawkers, those who are doing little things where in many cases their inventory, the whole thing they are selling is sometimes not even more than N5,000- N10,000.”
RSG Unveils Template For Entrepreneurs’ Interest-Free Loans …Sensitises Market Women, Others
The Rivers State Government’s Interest-Free Loan Committee for Entrepreneurs in the state has unveiled a clear-cut template, with guidelines and criteria for accessing the loans.
Unveiling the guidelines while addressing market women, artisans, youth and other target groups in Port Harcourt, last Friday, during a sensitisation programme to ease the loan collection process, the committee Chairman and Commissioner for Special Duties, Hon Onowu Emeka Anyasodike, explained that eligible applicants for the interest-free loans must meet specified criteria to qualify for the loans sponsored by the Governor Nyesom Wike-led administration to alleviate the difficulties faced by small and medium scale businesses to fund their endeavours.
Accompanied on the sensitisation rally by members of the committee, including the Special Adviser to the Governor on Political Matters and Strategy, Chief Emeh Glory Emeh; Commissioner for Women Affairs, Mrs Ukel Oyaghiri; Special Adviser to the Governor on Poverty Alleviation, Mr Chiemeka Nmerukini; Commissioner for Commerce and Industry, Mrs Nancy Nwankwo and Commissioner for Youth, Akuro Tobin, among others, Onowu told the stakeholders that the modalities involved in accessing and repaying the interest-free loan have been made easy to avoid the bottlenecks and difficulties associated with the procurement of bank loans.
The chairman emphasised that the interest-free loan was for every registered voter with good business ideas or that was already involved in one form of trade or the other in Rivers State, irrespective of tribe, state of origin or political party.
Onowu reminded them that “the funds for the loan will be provided by the humane and caring Governor of Rivers State, Chief Nyesom Wike in order to improve the business interests of traders in the state.”
He also made clear to the people that the form was free, and can be easily accessed.
While appealing to the people not to listen to the words of traducers and opposition who have initiated a smear campaign against members of the committee, Onowu said that the Wike-led administration was mindful of the challenges small businesses were facing in raising required funds to wheel their businesses to reasonable success stories.
He noted that it was in recognition of the challenges that the State Executive Council approved the initiative to support small businesses to grow with a view creating atmosphere for youth employment and a stable economy.