- Osinbajo Warns SMEs Against GEEP Loan Default
Vice-President Yemi Osinbajo has warned the over 5,600 beneficiaries of the Government Enterprise and Empowerment Programme in Kogi State against defaulting in the repayment of the loans given to them by the Bank of Industry.
He said this during the launch of GEEP in Kogi State where over N295m was disbursed to the beneficiaries by the BoI.
The GEEP MarketMoni Alert, which is a component of the Federal Government’s social intervention programme, is aimed at helping micro enterprise operators in the country to bridge the gap in access to affordable credit.
GEEP, which is being administered by the BoI, seeks to provide non-interest loans raging from N10,000 to N100,000 to 1.6 million beneficiaries in the 774 local government councils of the federation.
Osinbajo stated that the programme was conceived to take care of the interest of the people at the base of socio-economic pyramid across the country.
He said some of the beneficiaries, mostly traders, artisans, farmers and market women, who plied their trade in the target areas were eligible to access loans under the programme to grow their businesses.
He urged the beneficiaries in Kogi State not to consider the loan as a national cake, but requiring repayment so that other people could benefit.
The VP restated the commitment of the administration of President Muhammadu Buhari to growing the economy through industrialisation and development of the nation’s human capital base.