Iyaloja Funds: FG earmarks N75bn interest-free loan for traders | IYALOJA Market Fund Application Form Portal | Iyaloja Funds: ₦50,000 – ₦1.5m Free loan – The Iyaloja Fund will provide for poor market traders, helping them improve their capital and expand their businesses. These are non-interest loans given to these persons.
Application for Iyaloja Fund is set to commence on 17th of this month, find out all you need to know about the 50k Loan program here
The Federal Government will advance a non-interest loan of N50,000 each to 1.5 million market women under the Government Enterprise and Empowerment Progamme to improve their capital base and expand their businesses.
Key things to Know about the FG lyaloja Loan (free interest Loan)
- The IYALOJA Loan Scheme will be launched in November 2023
- The programme would be implemented in three phases with 500,000 persons scheduled to benefit from the first phase.
- The non interest lyaloja Market Fund loan of N50,000 would be given to Phase 1 of market traders, selected from 109 markets across every Senatorial Zone in Nigeria.
- The process of sensitization and . enrolment is ahead of the flag off next month as one of the president’s promise to remove Nigerians from multidimensional poverty and humanitarian crises.
- The lyaloja Monie Scheme will be providing for poor market women traders in the market, helping them to improve on their capital and expand on their businesses. These are non-interest loans given to these persons.
IYALOJA Free Interest Loan of 50,000 – 1,500,000 Naira Eligibility Criteria
- Be a Nigerian citizen
- Be a petty trader with a business in one of the selected markets
- Be at least 18 years old
- Have a valid bank account
lyaloja Loan Portal
The Federal Government of Nigeria (FG) is set to launch a new loan scheme for petty traders, known as the IYALOJA/GEEP Loan Scheme, in November 2023. The IYALOJA application portal is has been released for interested applicants to apply and will come live soon.
How to Apply for the IYALOJA Loan 2023/2024
The application process for the Iyaloja/GEEP Loan Scheme is relatively straightforward. Here’s a step-by-step guide:
- Visit a designated Iyaloja Loan Scheme application office near you: These centers are typically located within major markets or local government offices.
- Obtain an application form: You can either collect the form from the application center or download it from the official website of the Government Enterprise and Empowerment Programme (GEEP).
- Complete the application form carefully: Ensure you provide accurate and up-to-date information.
- Attach relevent documents: These may include a copy of your valid ID, a passport photograph, a letter of attestation from your market women’s association, and evidence of your business activities.
- Submit the completed application form and documents at the desginated IYALOJA Office/Centre: Return the form and documents to the designated application center.
IYALOJA Funds Application Review and Disbursement
Once your application is submitted, it will undergo a review process. If your application is successful, you will be notified and invited to participate in a mandatory financial literacy training program.
After completing the training, you will receive the loan amount of N50,000 or N1,500,000 which is typically disbursed electronically.
The enumerator will capture the trader’s information and open a savings account for them. Once the trader’s registration is complete, they will receive the N50,000 or N1,500,000 loan directly into their savings account.