Iyaloja Fund – FG N50K for 1.5 Million Market Women In Nigeria
In an attempt to increase the capital of market women in Nigerian, the Tinubu-led Federal Governement through the Minister of Humanitarian Affairs and Poverty Alleviation has announced a zero-interest loan program called Iyaloja Fund for 1.5 Million Nigerian women under the Government Enterprise and Empowerment Program(GEEP).
What You Must Know Before Applying for Iyaloja Fund
Iyaloja Fund is a N75 billion Naira market women fund with a 50,000 Naira distribution mark to 1.5 Million Nigerian market Women at no interest rate to help increase their capital base and increase their business performance.
The fund is to be distributed in three phases with 500,000 persons scheduled to benefit from the first phase which commenced on 17th October and the second and third phases will also have 500,000 beneficiaries respectively to make up for the 1.5 million persons.
See Also: Loans for Nigerians – Government and Private Loans For Businesses and Personal Use
Iyaloja Fund Not a Grant
Although the Iyaloja Fund has no interest, it is not a grant so all recipients are to pay back the 50,000 Naira after a stipulated time. The repayment time will be announced as the loan disbursement commences.
Eligibility
To apply for this loan, you need to meet these basic criteria as stated by the minister;
- You must be a Nigerian marketwoman
- You must be willing to repay the loan within the given time
- You must have a valid means of identification
- Your data must be on the National Social Register
How to Apply
As stated above, you have to be on the National Social Register to benefit from this loan program so you can simply apply by using an Airtel sim to dail your state Rapid Response Register(RRR) USSD code to get yourself registered on the social register. You can also visit fedgrantandloan.gov.ng to apply for loans available on the portal.
Other expected loans under this initiative include
- Jaga Funds – Capital fund for traders
- Hugo Fund – Farmers’ Money
These two are yet to commence officially for applications. Share this content if you find it useful
