The Federal Government has promised to support petty traders and artisans of all sorts with interest and collateral-free loans worth N10 billion in 2020. The loans will be disbursed through the Bank of Industry (BOI) under the umbrella of the popular Trader Moni scheme.
Under the scheme, recipients receive between N10,000 and N100,000 to support their enterprise. The scheme is one of President Muhammadu Buhari’s enterprise drives, and part of an overall economic recovery programme via Government Enterprise and Empowerment Programme (GEEP).
The Appropriation bill signed into law last week by the president indicated that the Bank of Industry received a N10 billion grant to disburse as 2020. Specifically, going by the description on the bill, the fund was described as “Grants to BOI to support low interest loan to SMEs”.
However, an official of the government bank later confirmed that the grant is meant for Trader Moni.
As part of a strict procedure, recipients receive a N10, 000 initial loan which may be scaled forward, subsequently, up to N100,000 as they faithfully adhere to repayment terms.
Categories of people that are eligible for the loan include “small kiosk owner, food stuff seller, bread seller, mai shai, wheel barrow pusher, mobile tailor, mobile cobbler, fruits seller, keke rider, etc”,
For info about how to apply and repay visit http://tradermoni.ng/
