Iyaloja GEEP Loan Scheme, How to Apply for Iyaloja Funds

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Iyaloja GEEP loan is the latest opportunity for market women to get sme funds from the Federal Government. Read on for the application portal and how to apply.

Looking to enhance your market business capital without interest loans? Good news! The Government Enterprise and Empowerment Program (GEEP) is set to roll out the Iyaloja Fund, a N75 billion initiative aimed at supporting market women.

Here’s what you need to know to secure your share.

How does Iyaloja Fund works?

Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, unveiled plans for a non-interest loan of N50,000 to benefit 1.5 million market women. This fund is specifically designed to uplift market traders by expanding their businesses and improving their capital base.

Phases and Benefits

The Iyaloja Fund operates in three phases, with the first phase aiming to assist 500,000 individuals. The focus is on providing financial support to market women, traders, and farmers, termed as Jaga Funds and Farmers’ Money respectively.

The latter aims to aid the poorest farmers for the upcoming farming season.

The advantages of this scheme for petty traders are manifold:

  • Access to Financial Resources: Access funds to grow your business or expand your staff.
  • Financial Inclusivity: Encourages traders to embrace formal banking services, fostering financial inclusivity.
  • Economic Empowerment: Facilitates business expansion and job creation, empowering petty traders economically.

Iyaloja GEEP Loan Requirements

To qualify for the Iyaloja fund Scheme, traders need to meet these criteria:

  • Nigerian citizenship
  • Operating as a petty trader in one of the markets in Nigeria
  • Minimum age of 18
  • Possession of a valid bank account

How to Apply for Iyaloja GEEP Loan / fund

Eligible petty traders can kickstart their application process by applying through the GEEP Programme or by meeting a Nassco enumerator in their local market.

The enumerator will collect their details and set up a savings account. Once registration is complete, the N50,000 loan will be directly deposited into the trader’s savings account.

These Iyaloja interest free loans are tailored to aid in business expansion without the burden of interest rates.

Click HERE To apply for Iyaloja GEEP Loan on the application portal

Additional Information

Here are some essential additional details about the scheme:

  • Open to all petty traders regardless of religion or ethnicity.
  • Repayment period extends to 12 months.
  • No collateral required to access the loan.
  • Administered by the National Social Safety Nets Coordinating Office (NASSCO).

Conclusion

The Iyaloja GEEP Loan stands as a beacon of hope for market women, offering a chance to boost businesses without financial constraints. With its non-interest loans and focused approach, this program aims to uplift millions of market traders across Nigeria.

For interested petty traders, don’t miss out on this opportunity! Visit your local market, engage with a Nassco enumerator, and take the leap towards elevating your business through the Iyaloja fund Scheme.

Applying for these funds could be the gateway to a brighter, more prosperous future for market women nationwide.

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About the Author: Femi Olawole

Femi Olawole is a seasoned blogger with interest on providing helpful Contents on online loan apps, Tech and Business.

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