The Bauchi State Government has commenced the disbursement of the Government Enterprise and Development Programme (GEEP) loan to 400 beneficiaries in collaboration with the Bank of Industry (BOI).
The Bauchi State Governor, Mr Mohammed Abubakar, who started the disbursement in Bauchi Local Government, added that the intervention was to reduce the hardship caused by the recession.
Abubakar also gave a directive to the Social Investment Office in the state to immediately expand the programme to the remaining 19 local government areas.
He called on beneficiaries to pay the loan as stated by the BOI.
The State Focal Person, Alhaji Mansur Soro said that GEEP loan was for the Small and Medium Scale Enterprises (SMSEs) to enable them expand their businesses.
“The GEEP loan is for small and medium scale enterprises such as the traders, artisans, small scale farmers and market women and it is payable within six months. The amount is from N10, 000 to N100, 000, which is mainly for those with existing businesses,’’ he said.
Ms Abishak Woshak, the representative of BOI urged the beneficiaries to repay back the loan. She said that the loan was meant to be interest free to enable more SMSEs to be enrolled on the programme.
She said that the loan was a revolving fund that could be given out to more than 160,000 people if paid as at when due.
Over 40,000 people were earmarked to benefit from the loan.