The Federal Government has commenced the disbursement of soft-loans to micro-scale entrepreneurs, under its micro-credit scheme, TraderMoni, in Edo State.
Beneficiaries of the loan, which is part of the Government Enterprise and Empowerment Programme (GEEP), include traders and artisans drawn from different areas of the Benin metropolis.
Vice President, Prof. Yemi Osinbajo, had in June announced the new scheme as a national social intervention programme targeted at low income earners. One of the beneficiaries, Mrs. Helen Fateye, told newsmen that the loan would increase her production and sales.
“I sell donuts on Lagos Street. I registered for the programme and was later informed to come to the Oba market today (Friday) to get the money.
I need the money to support my business. With it, I can buy more flour and take care of my six children,” Fateye added.
Another trader on Ibiwe Street, Samuel Eweka, stated: “I was at the national museum in Benin when I heard about the scheme in September.
So, I registered and got a text message. Initially, I thought it was not genuine but I later realised that it was real. I hope to get the N100,000 loan later.”