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Loan: FG targets 1m SMEs

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The Federal Government is targeting at least one million small businesses across the country to benefit from the ‘marketmoni’ loan as one of the practical ways of making Nigeria great again.
Vice President, Professor Yemi Osinbajo made this known to participants at a special clinic organised for small and medium scale enterprises in Ilorin, Kwara State.

The vice-president warned the beneficiaries not to see the facility as political largesse as he promised that the Muhammad Buhari-led administration will deliver on all its promises to the sector across the country.
Osinbajo noted that the government needs the cooperation of all stakeholders in the business sector to create a desirable economy, adding that hitherto, many small business owners had been sidelined and had great difficulties in accessing finance for their projects.
He said the clinic has so far been organised in Abia, Cross River, Akwa Ibom, Ogun, Katsina, Ogun, Sokoto, FCTA and Plateau State, expressing delight about the platform provided by Kwara State in holding its own edition of the programme, which he said is at the heart of Mr. President.

He said: “With GEEP market money, the idea is to be able to give to at least a million people market women and artisans, some type of credit that will assist them in their business. It is not free money. It money for business, we expect it paid back as you go along so that we can give you more credit and we can expand the credit base.

“Every country that had succeeded must encourage those people who are producing, must encourage the market women, small businesses. The only way that we can make sure this country succeeds not just in industry, manufacturing etc but also in providing jobs for everybody is by ensuring that we assist those who are doing serious work either as women, small businesses, small manufacturers, small traders, we encourage them with credit. But it is a working relation with the government and those who are doing small business. We must work together to make sure that we achieve this.

“The MSMEs and GEEP started as a result of our recognizing that a lot of small businesses including market women and artisans have a problem with even registering their companies, some of the problems have to do with accessing credit so they hear about micro-credit, BoI is giving out money for microcredit loans. They hear about various loans but they cannot access those loans. Every time they feel forms and at the end of the day, they do not get the credit or alert.

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