The federal government through the State Enterprise and Empowerment Programme has planned to help people grow their businesses with credit funds.
The empowerment programme is said to help lots of Nigerians out of poverty with the proper planning and use of credit funds.
About the State Enterprise and Empowerment Programme
The State Enterprise and Empowerment Programme is referred to as a social intervention program created to provide access to credit funds from N50,000 to N100,000 to micro-enterprises/small business owners who are unable to grow their businesses due to lack of capital.
As mentioned, the programme will be empowering up to 40,000 small businesses across the states in Nigeria.
The program is managed and executed by each state contributing a part of their state-managed fund while matching them with funds from the Bank of Industry for completion.
Eligible participants of the Programme
The programme targets eligible inventive or enterprising youth, traders, artisans, market women, and other related sectors of productive activity which are endorsed by their various associations, cooperatives,s or Trade-groups within each state in the BOI matching fund programme.
All qualified micro-enterprise/small business owners will have access to a minimum credit of N50,000 and a maximum credit of N100,000, the entire program is managed by each state with the BOI Loan Technology platform which was used for processing credit programs as the Government Enterprise Empowerment Programme (GEEP).
Approved micro-enterprises/small businesses get the benefit of a one-month moratorium and loan repayment is spread over a maximum of 1 year depending on your choice. After approval, the loan fund is disbursed into the micro-enterprise account with the BVN serving digital collateral.
Loan repayments are made on a weekly or monthly based depending on the lender’s choice and agreement.
Apply for the State Enterprise and Empowerment Programme
To apply for the fund to grow your micro-business, follow the below steps;
Visit the official application portal https://www.growthplatform.me/seep.html
or Geep https://www.boi.ng/marketreg/
Fill the form with your personal and business information
Submit the form
Wait for a response to determine your status