GO Enterprise interest free 12 weeks (3 months) loan programme
At Ganiyu Otunba Foundation, we are confident that job creation in the Household Enterprise sector through effective policies and programs that helps young people, create productive enterprises will boast youth employment today and in the future. Youth employment is one of the key ingredients to mitigate against continual cycle of poverty in our dear country – Nigeria.
Nigerian youths are gifted entrepreneurs, but they struggle to amass even the small amount of savings needed to start a trading business, banks and microfinance entities rarely lend to start-ups without collateral. GO Foundation believes entrepreneurship is a vital component in innovation and the creation of a self-sustaining domestic economy for today and the future.
On our part, the Ganiyu Otunba Foundation is happy to announce GO Enterprise programme. GO Enterprise is an interest free 12 weeks (3 months) loan programme aimed at youths between 18 and 35 years old. The pilot programme aims to promote entrepreneurship, job creation, youth employment and empowerment. The project mainly targets women which is why 75% of the estimated 40 phase 1 beneficiaries will be women. The reason for this is our believe that, women economic empowerment plays a pivotal role in household poverty eradication.
The interest free loans will be categorised into three different categories and applicants will be placed into one of the three categories based on the business ability to repay the loan within the 12 weeks period.
The three categories are:
- ?30,000 - 10-week repayment plan from week 3 to 12 (3,000 per week)
- ?50,000 - 10-week repayment plan from week 3 to 12 (5,000 per week)
- ?100,000 - 10-week repayment plan from week 3 to 12 (10,000 per week)
Application is free and to be eligible:
- The applicant must be Nigerian
- Business must be based in Abeokuta, Ogun State, Nigeria
- Business must be for profit Applicants must be between 18 and 35. (proof of identity: International passport/Driver’s License/National ID/Voters card required).
- Have an active bank account
- Have a verifiable business address/location
First batch of beneficiaries received their GO Enterprise interest free loans 12th of March, 2020.