7,000 micro enterprises in Cross River get loans from BoI

More than 7,000 micro businesses in Cross River State have got loans ranging from N50,000 to N100,000 from Bank of Industry (BoI) under the Federal Government’s Enterprise and Empowerment Programme (GEEP).

Toyin Adeniji, executive director of Micro Enterprise, BoI, made the disclosure recently in Calabar during the presentation of loan certificates to beneficiaries in the state.

Adebiji said GEEP was one of the social intervention programmes of the Federal Government executed by BoI to facilitate easy access to interest-free loans for market women, traders, farmers, cooperatives and youths.

“The GEEP programme is the one that touches the hands of the people and has immediate direct impact on their lives.

“It is also a micro programme, very easy to access and everyone is qualified to access once you are into one commercial business or the other.

`”The programme is targeted at market women, artisans, youths and small holder farmers. Today, the government is giving out loans in the region of N50,000 to N100,000.

“The loans are payable over six months and they are payable in weekly instalment so that it can be easy for the beneficiaries,” she said.

According to her, BoI had been given a task to make sure that this money got to N1.6million beneficiaries across Nigeria.

She further said that the bank disbursed about N185million to over 3,840 beneficiaries across 105 associations in Cross River in 2017.

Earlier, Stella Odey, state commissioner for women’s affairs, said that the initiative had engaged women and youths in the state in meaningful activities.

“I must commend the Federal Government for the laudable initiative of helping our women, artisans, farmers and youths to grow their small businesses.

“Cross River State places premium on the empowerment of women. What we have seen here shows clearly that the federal government is determined to engage the citizens in productive ventures,’’ Odey said.

One of the beneficiaries, Patience Okon, said that GEEP had helped her and others to get back to business, adding that some women were frustrated to go into business because of the high interest rate demanded by commercial banks.

ODINAKA ANUDU