THE programme powered by the Generating Demand Management Group (GDM) targeted at empowering petty traders with at least, the sum of N10, 000.00 (ten thousand Naira) each to improve their petty businesses has been launched in Ebonyi state.
The Trader Money, an initiative of the Federal Government to empower petty traders across the country under the Government Enterprise Empowerment Programme (GEEP) in collaboration with the Bank of Industry, said cumulatively, a total sum of about N400 million was expected to be disbursed to beneficiaries across the State through their various Bank Accounts already profiled by the GDM.
Speaking with journalists at the Abakpa Market, Abakaliki, venue of the project kick-off in the state, the Project Supervisor, Adebowale Bakare, noted that the programme targets between 30, 000 to 40,000 traders across the State who were already captured in their database together with their various businesses by the GDM enumerators since the past two months.
He explained that the collateral-free loan was initiated by the Federal Government to grow the economy and reduce poverty through microenterprise development, adding that the beneficiaries were expected to pay back between three to six months interval with a minimal interest of N250,00 (Two Hundred and fifty naira) on the principal.
Bakare said: “Basically in Ebonyi State, we are targeting 30,000 to 40,000 beneficiaries.
“And as I am speaking to you, right in this market, we have had over 2,000 beneficiaries and we are still looking forward to about 5,000 others.
“All over the many markets in the State, we are still targeting more and more.
Some of the prospective beneficiaries interviewed, including Kingsley Ogbonna and Monday Ibina, thanked the Federal Government for such an initiative, noting that the loan would help boost their trading especially as the Christmas was around the corner.
Ogbonna said: “I feel the Federal Government is doing well if we receive the money and we will abide by whatever demand expected of us.
“It will help my business a little as we are entering the trading season.”
Meanwhile, a few others, including Nwafor Ogechukwu expressed reservations over the programme, regretting that they were initially told that the money was to be a grant rather than a loan.
This development, our correspondent gathered, led to non-submission of bank account details by some people, on the notion that they were no longer comfortable with the turnout of the programme.
The post GEEP loan targets over 40,000 beneficiaries in Ebonyi appeared first on Tribune.