The government has created numerous loan schemes for both individuals and businesses that find it difficult to access money to use. One of these highly innovative and commendable loan schemes is the GEEP Loan. Now, applying for this loan is not as difficult as you think. Read further to learn more.
An Overview of Government Enterprise And Empowerment Program (GEEP)
The Government Enterprise & Empowerment Programme (GEEP) is a funding scheme that was launched in 2016. Basically, its aim to provide offer interest-free and collateral-free loans to Micro SMEs (MSMEs) in need. It is completely government owned compared to platforms like Soko loans USSD code that is privately owned.
The Federal Government of Nigeria launched GEEP is solely to cater to the needs of individuals and Medium and Small Scale entrepreneurs in Nigeria. Hence, all Nigerian citizens can apply for this loan.
What are the loan categories of GEEP?
To help grow businesses, the GEEP funding scheme is divided into 3 categories. They include:
1. Trader Moni
This category is for Small Scale entrepreneurs/traders who need money to grow their businesses. People who can apply for the Trader Moni loan include fruit sellers, small-scale shop owners, etc.
2. Farmer Moni
Business owners that need loans under this category have to first register with the CAC (Corporate Affairs Commission).
3. Market Moni
This category is solely for agro-based business owners. Agri-business owners who require money to expand their businesses can apply for the Market Moni category.
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What is the maximum Loan Amount for a GEEP loan?
For the GEEP loan, the maximum loan amount you can apply for is N300,000. On the other hand, you can apply for a minimum amount of N10,000. These loans are primarily interest-free and do not require any collateral. Also, you can decide to collect either short-term or long-term loans. If you are a small or medium-scale entrepreneur/trader/business owner, just make use of this opportunity to apply for the GEEP loan.
What is the loan tenor?
GEEP loan is a 6-month credit that is interest-free, starting from N30,000 for small business owners under the canopies of their market associations or cooperative societies.
Interesting Read: AGSMEIS Loan – How To Apply For It In 3 Steps
How can I apply for the GEEP loan?
To apply for a loan from GEEP, follow these guidelines:
1. Go to the official GEEP Registration Portal www.growthplatform.me.
2. Next, go to the GEEP Link (if the portal is open, you should see a link).
3. Thereafter, click the link and go through the guidelines carefully. Click on “Application” once you’re done with this.
4. When you are ready to apply physically, just go to the National Orientation Agency in the state you live in.
Read More: 5 Instant Loans Without BVN In Nigeria
What documents do I need to obtain a GEEP Loan?
Here are some important documents you need:
2. Local Govt of Origin Certificate
3. Passport Photographs
4. CAC Certificate for businesses eligible
5. A Valid National ID
How can I contact GEEP?
Here are some ways you can reach GEEP loan:
Address: BOI House Plot 256, Zone A O Off, Herbert Macaulay Way, Abuja OR 23 Marina Street, Lagos.
Phone Number: +234 700 6275 386, +234 700 1000 200
Email Address: email@example.com
The GEEP loan is a funding scheme set in place by the Federal Government of Nigeria. Basically, the purpose of this scheme is to offer collateral and interest-free loans to small-scale entrepreneurs. GEEP is a welcomed idea that favours every Nigerian who wants to go into business.
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