Over 600,000 Subscribe to GEEP Micro Credit Facility, Says Coordinator

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By David-Chyddy Eleke in Awka

No fewer than 600,000 Nigerians have so far benefitted from the Federal Government’s social intervention scheme under the Government Enterprise and Empowerment Programme (GEEP) for entrepreneurs.

Mrs. Tonyi Adeniji, the Executive Director, Micro Enterprises, Bank of Industry and Lead Coordinator of GEEP, disclosed this in an interview with journalists Thursday in Onitsha, Anambra.

Adeniji spoke on the sideline of a two-day National Micro, Small and Medium Enterprises (MSMEs) Clinic.

She said over 4, 000 persons in Anambra had benefitted from the total credit facility of N100 billion earmarked for the programme by the Federal Government across the country.

“GEEP micro credit is one of the flagships of the Federal Government’s social intervention programmes that enable entreprenuers have access to affordable credits to fund businesses especially in rural areas.

“Beneficiaries access between N50,000 and N100,000 on second grant financing loan which are payable over six months with zero interest.   

“There is a five per cent admin charge. To qualify for the fund, a prospective beneficiary must have a bank account, VPN and must belong to association.

“Targets include market women, artisans, small holder farmers and enterprising youths,” Adeniji said.

The lead Coordinator said the Federal Government was keen to see the success of the programme, and would make additional fund ready if needed.

She said the programme had had a decent repayment by beneficiaries, noting however that those, who refuse to pay may affect the chances of prospective beneficiaries from their region.