SEEP
STATE ENTERPRISE AND EMPOWERMENT PROGRAMME
The State Enterprise and Empowerment Programme is a social intervention program designed to provide affordable credit ranging between N50,000.00 to N100,000.00 for micro-enterprises who are unable to grow their businesses due to lack of capital. The programme aims to support a maximum of 40,000 qualified micro-enterprises per state in Nigeria.
The program is executed by each state contributing a part of their state managed funds with matching funds from the Bank of Industry.
The programme targets eligible enterprising youth, artisans, traders, market women and other sectors of productive activity who are nominated by their various Associations, Cooperatives and Trade-Groups within the respective states in the BOI Matching Fund Programme.
TESTIMONIALS
FARMERMONI
FarmerMoni is a loan product targeted at the smallholder farmers in the agriculture sector. This product is a 6-9 months interest-free loan, starting from N250,000 ($694) for farmers within farming clusters. The loan is tailored to suit the peculiarities of the different planting seasons and farming requirements. This product also includes a guaranteed off-taker who commits to purchasing the farming producer from beneficiaries of this loan for the purpose of local food production.
TRADERMONI
TraderMoni is the entry level loan product for GEEP. It is a 6 month interest-free loan, starting from N10,000 ($28) aimed at petty traders and artisans. This loan is targeted at the everyday market trader, who makes a living from what they sell on a daily basis and whose product inventory ranges from N2,000 - N5,000. This loan immediately provides them with a structured way to increase their inventory, while repaying the loan. Most beneficiaries of this loan product are first-time receivers of a loan from a formal financial lender.
Qualified micro-enterprises will be able to access a minimum of N50,000.00 and a maximum of N100,000.00. The program is executed in each state using the BOI Micro Loan technology platform and systems which have been used to deliver large programs like the Government Enterprise and Empowerment Programme (GEEP).
Qualifying micro-enterprises benefit from a one-month moratorium and are able to repay their loans over a maximum of 1 year. Approved loans are disbursed directly into micro-enterprises account with BVN serving as digital collateral. Loan repayments are made on a weekly basis through designated repayment channel.
