The nation’s foremost Development Finance Institution, Bank of Industry(BoI), has disbursed loan facility ranging from N10,000 to N50,000 to over 1,000 women entrepreneurs in Plateau State, under the Government Enterprise and Empowerment Programme((GEEP).
Tagged the MarketMoni Alert, the initiative,a statement issued by the Bankon Sunday said is one of the Federal Government’s social intervention programmes aimed at helping micro enterprise operators in the country bridge the gaps in access to affordable credit identified as a major constraint to business growth.
The GEEP, which is being administered by the BoI, seeks to provide non-interest loans raging from N10,000 to N100,000 to 1.6million beneficiaries in the 774 Local Government of the federation.
Speaking at the Plateau State edition of MarketMoni Alert initiative at the weekend, the BoI Managing Director,Olukayode Pitan, said that the over 1000 beneficiaries would receive alert through their individual telephones.
Pitan, who was represented by the Executive Director of Micro Enterprise, Toyin Adeniji, underscored the significance of the scheme, saying that it would help to expand loan windows available to small enterprises in the country.
He said, “Current statistics show that over 80 per cent of micro enterprises cite lack of access to affordable credit as a major barrier to business growth. We also know that even when these loans are available they come at a very high costs to the borrower.
“It is with a view to bridging the gaps, that the Federal Government of Nigeria set up a social intervention programme to provide access to affordable micro credit to existing micro businesses in Nigeria.
He said the scheme, which is conceived for four target segments such as market women and traders, artisans, youths and farmers, has loan tenor of 6months with 2 weeks grace and a weekly repayment package.
According to him, to be eligible to draw from the loan scheme, interested person must belong to registered association or cooperative, has a valid BVN, an existing business and must be nominated by the leader of the association.
He said the Bank would partner Plateau State Micro-Finance, Small and Medium Enterprise Agency to expand the reach of the loan to cover more beneficiaries.
In his address, the Executive Governor, Plateau State, Hon. Simon Lalong, commended the federal government for the initiative and saluted the openness and transparency of the Bank of Industry in administering the fund
While urging the beneficiaries to invest the loan facility appropriately with a view to providing employment for the other jobless people in the state, affirmed the determination of his government to bring economic empowerment opportunities to the people.
“Our Rescue Government in the state is committed to bringing economic empowerment opportunities to all our citizens. We have remained focused on our approach to wealth creation particularly for women and the youth, throughout three dimensional approach of employment, empowerment rand engagement,” he added.
Also speaking, the Special Adviser to the Vice President, Yemi Osinbajo on Micro, Small and Medium Enterprises (MSMEs), Tola Johnson, said the scheme was conceived to help Nigeria women and traders.
He warned the over 1,000 beneficiaries against diverting the money, stressing that doing so would not only deter others from accessing the funds, but would also defeat the purpose for which it was set up.
Elizabeth Akson, One of the beneficiaries who spoke with journalists on the sidelines of the programme, thanked the federal government for the initiative.
She said the funds, when invested in their existing businesses, would help them improve on their livelihoods as the keepers of the house.
HARRISON EDEH, ABUJA
