1,000 traders to benefit from N140b social intervention fund in Gombe
More than 1,000 market traders would benefit from the N140 billion soft loans from the Government Enterprises and Empowerment Programme (GEEP).
The loans would be disbursed by the Social Intervention Unit in the Office of the Vice President through the Bank of Industry.
Speaking during the disbursement of the fund in Gombe, the representative of the Bank of Industry, Adamu Hassan said the bank approves loans and disburses directly to the beneficiaries’ bank accounts and as well coordinates and monitors all the agents and aggregators activities.
Hassan further said that N140 billion provided for the programme as Social Intervention Fund was aimed at stimulating economic activities by providing microcredit to at least 1.6 million micro, small and medium enterprises in the 36 states and the Federal Capital Territory.
He said the programme was to stimulate economic activities aimed at poverty reduction through job and wealth creation focusing on micro enterprise operators such as market women, artisans, farmers and young entrepreneurs with a view of extending financial inclusion to them.
Also speaking the President of Market Women Association, Gombe State branch, Mrs. Hassana Arkila said the move would reduce poverty in the country particularly amongst women.
She however called on the beneficiaries to repay the loan within the stipulated time so that others would also benefit.
The loans value range between N10, 000 and N100, 000 to be disburse to various categories of micro enterprises across all 36 states and the Federal Capital Territory with 3 per cent administrative fee charge.