The Federal Government has mapped out N10 billion as Trader Moni loan to petty traders and artisans in the 2020 fiscal year, IgbereTV reports.
The loan is part of the social intervention programmes under President Muhammadu Buhari led administration.
According to IgbereTV reports, N10 billion was allocated to BOI as ‘Grants to BOI to support low interest loan to SMEs’. This was contained in the 2020 Appropriation Bill signed into law on Monday by the President.
The Federal Government, through the Bank of Industry (BOI) provides interest free and collateral free loan to petty traders and artisans, under the Trader Moni micro credit scheme. The loan ranges from N10, 000 to N100,000 per beneficiary.
According to the Trader Moni guidelines, the first loan to an individual is N10,000. Upon payment of the first loan, the individual qualifies for a higher amount. The maximum amount allowed is N100,000.