Latest Update on FG N50,000 IYALOJA/GEEP Loan Scheme December 2023

The Latest Update on FG N50,000 IYALOJA/GEEP Loan Scheme December 2023 can be accessed below. 

Launching the IYALOJA/GEEP Loan Scheme: Empowering Petty Traders for Economic Growth

The Federal Government of Nigeria is poised to introduce a new financial initiative, the IYALOJA/GEEP Loan Scheme, designed specifically for petty traders, with a scheduled launch in December 2023. This scheme is an extension of the Government Enterprise and Empowerment Programme (GEEP) initiated in 2016, which provided microloans to low-income Nigerians, including petty traders, artisans, and farmers.

Key Features of the IYALOJA/GEEP Loan Scheme:

1. Target Audience and Reach: The scheme aims to reach at least 1.5 million Nigerians nationwide, specifically targeting petty traders. The initial phase will provide a non-interest loan of N50,000 to traders selected from 109 markets across every Senatorial zone in Nigeria.
2. Implementation Partner: The IYALOJA/GEEP Loan Scheme is implemented in collaboration with the Bank of Industry (BoI), a strategic partnership to ensure effective disbursement and management of funds.
3. Repayment Terms: The loan is repayable over a period of 6 months, offering a reasonable timeframe for beneficiaries to manage their financial obligations.
4. No Collateral Requirement: One of the significant advantages of this scheme is that no collateral is required to access the loan, making it more inclusive and accessible to a broader range of petty traders.
5. Loan Utilization: Beneficiaries have the flexibility to utilize the loan for various business purposes, such as purchasing inventory, expanding into new markets, and hiring new staff.

Application Process for the IYALOJA/GEEP Loan Scheme:

The application process is designed to be straightforward, promoting accessibility for potential beneficiaries. Here’s a step-by-step guide:

1. Visit a Designated Application Center: These centers are typically situated within major markets or local government offices.
2. Obtain an Application Form: Forms can be obtained from the application center or downloaded from the official Government Enterprise and Empowerment Programme (GEEP) website.
3. Complete the Application Form: Ensure accurate and up-to-date information is provided.
4. Attach Required Documents: Necessary documents may include a valid ID, a passport photograph, a letter of attestation from the market women’s association, and evidence of business activities.
5. Submit the Application: Return the completed form and documents to the designated application center.

Application Review and Disbursement Process:

Upon submission, applications undergo a review process. Successful applicants are notified and invited to participate in a mandatory financial literacy training program. Following completion of the training, the loan amount of N50,000 is disbursed, typically through electronic means.

Eligibility Requirements:

To qualify for the IYALOJA/GEEP Loan Scheme, petty traders must meet the following criteria:

• Be a Nigerian citizen
• Engage in petty trading in one of the selected markets
• Be at least 18 years old
• Have a valid bank account

Additional Information:

• The scheme is open to all petty traders, regardless of gender, religion, or ethnicity.
• The repayment period for the loan is 12 months.
• No collateral is required for petty traders to access the loan.
• The National Social Safety Nets Coordinating Office (NASSCO) administers the scheme.

As the Federal Government endeavors to empower petty traders through the IYALOJA/GEEP Loan Scheme, it is anticipated that this initiative will contribute significantly to poverty reduction and economic growth in Nigeria. If you are a petty trader interested in this scheme, visit your local market and engage with a NASSCO enumerator for more information. Stay tuned for further updates on this impactful financial inclusion initiative.