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:
- 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.
- 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.
- Repayment Terms: The loan is repayable over a period of 6 months, offering a reasonable timeframe for beneficiaries to manage their financial obligations.
- 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.
- 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:
- Visit a Designated Application Center: These centers are typically situated within major markets or local government offices.
- Obtain an Application Form: Forms can be obtained from the application center or downloaded from the official Government Enterprise and Empowerment Programme (GEEP) website.
- Complete the Application Form: Ensure accurate and up-to-date information is provided.
- 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.
- 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.