Jos – The Federal Government through its Social Investment Office has commenced the disbursement of soft loans to market women/men to help the beneficiaries grow their businesses.
Mr Olukayode Pitan, Managing Director, Bank of Industry (BoI), responsible for the disbursement of the loans, said on Thursday in Jos that the loan was being given under Government Enterprises Empowered Programme (GEEP).
Pitan, who was represented by BoI Executive Director, Mrs Toyin Adeniji, said that the beneficiaries would be given loan ranging from N10,000 to N50,000.
He said that the initiative was to ease pains of small business owners as they would only pay five per cent administrative charges.
“They are expected to repay the loan in six months period with two weeks grace period from the day of collection,”
The managing director explained that loan would be given to traders, who grouped themselves into market associations, cooperative societies or trade groups registered by BoI.
“You must have a valid Bank Verification Number (BVN) and a business location, which will be verified by our agents,” he added.
Pitan urged the beneficiaries to ensure repayment of the loans, saying that those who would repay as expected would have the option of accessing the facility again.
He commended the Plateau Government for the creation of enabling environment for the programme to succeed.
Gov. Simon Lalong of Plateau in his remarks said that the programme if effectively implemented would help in tackling endemic poverty through job creation.
Lalong said that his administration on its part has established Plateau State Small and Medium Enterprises Development Agency to boost the growth of small businesses. (NAN)
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