The advent of the GEEP loan scheme by the Federal Government of Nigeria has made it possible for people to access loans. Essentially, this scheme was made for small-scale traders, farmers and budding entrepreneurs who need a loan to grow their businesses. If you are interested in obtaining this loan, read through the guide below.
An Overview of Government Enterprise And Empowerment Program (GEEP)
GEEP, short for Government Enterprise & Empowerment Programme is a loan initiative that was established in 2016. Essentially, the major aim of this initiative is to provide small-scale business owners in Nigeria with interest and collateral-free loans.
The scheme caters solely to Micro SMEs (MSMEs) who need cash to expand. Also, it is a completely government-owned initiative, unlike many other loan platforms you may come across.
Since the scheme was launched by the Federal Government of Nigeria to cater to the demands of small-scale entrepreneurs, every Nigerian citizen who falls into this category can apply for this loan.
What Are the Loan Categories of GEEP?
Here is a list of the different types of loans you can get from the GEEP funding initiative:
1. Trader Moni
Trader Moni is an empowerment scheme exclusively for youths. This category was designed to build up under-served, underprivileged, and marginalised Nigerian youths living in poverty. The age range for people who can access this scheme is between 18 – 40 years.
The Trader Moni scheme by GEEP is targeted particularly at financially empowering youths who couldn’t access education, orphans, as well as youths who have disabilities. The minimum amount of loan you can access in this category is N50,000.
What is the Eligibility Requirement For the Trader Moni GEEP Loan?
To become eligible for the collateral and interest-free youth loan of N50,000, you must have some entrepreneurial talents e.g., artists, artisans, tailors, hairdressing, etc
What is the Loan Tenor For the Trader MoniLoan?
The Trader Moni loan has a total moratorium period of three (3) months and loan tenor of just six (6) months. This means that you must repay the loan after 6 months of collecting it.
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2. Market Moni
The Market Moni scheme by GEEP is an empowerment programme designed specifically for deprived and marginalized women between the ages of 18 – 55 years in Nigeria. It was launched by the Federal Government to meet its intent of helping build 100 million Nigerians out of poverty. Empowering women will greatly advance the accomplishment of this goal.
This scheme targets women in every female-headed household in Nigeria e.g., divorcees, widows, single mothers, etc and wants to provide them with interest and collateral-free instant loans of N50,000.
What is the Loan Tenor For the Market Moni Loan?
The Market Moni loan has a total moratorium period of three (3) months and a loan tenor of just six (6) months. This means that you must repay the loan after 6 months of collecting it.
3. Farmer Moni
Farmer Moni is an empowerment scheme exclusively for Nigerian farmers within the age range of 18 – 55 years. This scheme targets farmers who are in rural areas and people who operate majorly in the agricultural space (agricultural workers).
The Farmer Moni programme powered by GEEP concentrates on boosting agro-partnership, whereby they provide soft loans to Farmers through commercial Banks. The loan you can access in this category is N300,000. This loan has the ability to generate development, diversify your income, and deliver employment and entrepreneurial possibilities for farmers living in rural areas.
What is the Loan Tenor For the Farmer Moni Loan?
The Farmer Moni loan has a total moratorium period of nine (9) months and a loan tenor of just three (3) months. This means that you must repay the loan after 3 months of collecting it. The Farmer Moni collective partnerships include:
- FMARD
- ADP (Agricultural Development Programme)
- Agricultural Research Institutes
What is the maximum Loan Amount for a GEEP loan?
The maximum loan amount that the GEEP loan scheme can offer you is N300,000. On the other hand, the minimum amount of loan you can access is N10,000. Basically, these loans are collateral and interest-free, hence, it is very easy for you to access them. As long as you fall into any of the categories listed above, you
What is the Loan Tenor for GEEP Loan?
Essentially, the maximum loan tenor for this loan scheme is 6 months. The loan tenor for Trader Moni and Market Moni is 6 months, while the tenor for Farmer Moni is just 3 months. The benefit of this initiative is that it is collateral and interest-free, which makes it easy to access.
How Can I Apply for the GEEP Loan?
If you want to apply for any loan category from GEEP, follow these guidelines:
1. Visit the official GEEP registration platform, www.growthplatform.me.
2. Next, tap on the GEEP loan link (if the loan application portal is open, you should be able to see the link).
3. Subsequently, tap the link and read through the guidelines very carefully. Tap on “Application” once you finish reading the guide. Upload your details.
4. Visit the nearest National Orientation Agency in the state you reside in for the capturing of your full details.
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What Documents Do I Need to Obtain a GEEP Loan?
Here is a list of the important documents you must provide to access this loan scheme:
1. BVN
2. Passport Photographs
2. Local Govt of Origin Certificate
4. CAC Certificate for businesses eligible
5. A Valid National ID
How Can I Contact GEEP?
You can reach out to GEEP loan via any of the following ways:
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
Website: Geep loan
Email Address: ask@growthplatform.tech
Bottom Line
The GEEP loan initiative was launched by the government to cater to the underprivileged people in Nigeria. If you are a youth, farmer, widow, or single mother and you are finding it difficult to meet your financial need, you can register on the platform to access collateral-free business loans. Visit the official GEEP website for more information about this funding scheme.
