Hundreds of petty traders, artisans, market men and women in Osun State have benefited from the collateral free loan of the Bank of Industry (BOI).
At the Nelson Mandela Freedom Park in Osogbo where the official flag-off and distribution of N10,000.00 collateral free loan to each trader tagged “TraderMoni” took place, traders and artisans expressed joy at the initiative.
The beneficiaries thanked the Federal Government for allowing the BOI to implement the loan scheme.
Speaking, the Executive Director, Bank of Industry (BOI), Mrs. Toyin Adeniji said that no fewer than 30,000 beneficiaries would have access to the loan.
She said that the loan was part of social intervention programme of the Federal Government aimed at boosting micro and small scale businesses and petty trading and commercial activities across the country.
She further explained that the beneficiaries of the traderMoni scheme are in all 36 states and the federal capital territory (FCT).
She added that the beneficiaries would be given a sum of #10,000 naira each which is repayable within six months adding that any of the beneficiaries that pay back the loan within stipulated period would qualify for another bigger amount of N15,000.
“TraderMoni scheme, is targeted at petty traders, market women, artisans and small scale business enterprises to cater for ultra-micro enterprises.
“The policy of the Federal Government is to support businesses, not just big business but particularly small, medium-sized businesses and micro businesses. The whole idea is that we want to ensure that we give whatever support to people to alleviate their businesses.
“For instance, if we give you #10,000 and refund within six months then you are qualified to collect #15,000. If you pay back the sum of #15,000 you are qualified to get #20,000.
“Our agents have already met the market women at their point of sales to register them, they would get the mony and pay it back immediately through Mobile Wallet. Infact, many people have started receiving the alert,” she said.
Speaking, the Commissioner for Commerce, Cooperative and Industry, Hon Ismail Alagbada urged the beneficiaries to use the money for the purpose for which it was meant for.
Alagbada therefore called on the traders and residents of the state to support and collaborate with the federal government to succeed in all its programmes.
The commissioner said the federal government was determined to banish hunger and poverty in the country and ready to support small scale businesses to boost the economy.