• Business - Companies
  • Updated: November 16, 2022

Bayelsa: 828 Entrepreneurs Get Interest-Free Loans From FG

About 828 entrepreneurs received interest-free loans from the Federal Government on Tuesday in Bayelsa under its Government Enterprise Empowerment Programme 2.0 (GEEP 2.0) scheme.

 Hajia Sadiya Farouq, the Minister of Humanitarian Affairs, Disaster Management and Social Development, disclosed that beneficiaries were entitled to between N50,000 and N300,00, adding that no collateral security was needed to obtain the loan to develop or expand their businesses.

“GEEP was designed by the President Muhammadu Buhari administration to assist vulnerable and low-income Nigerians involved in commercial activities but had never had the opportunity to access loans.

“It is meant to give priority to the most vulnerable such as widows, youths, the disabled and the displaced, amongst others,’’ she said.

The minister added that 8,762 persons applied for the facility in Bayelsa, but only 828 met the set criteria and were shortlisted to receive the loans.

She futher explained that the beneficiaries are free to take additional loans after the repayment of the one received on Tuesday and urged them to use the funds prudently.

On her part, Faith Opuene, Commissioner for Women and Children Affairs and Social Development in Bayelsa, expressed appreciation on behalf of the beneficiaries.

She appreciated the Federal Government for the gesture which she said complemented the state government’s scheme of empowering 210 persons monthly in the eight local government areas of the state.

Opuene expressed regret that only about 10 per cent of applicants for the facility were selected.

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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