In Nigeria, the need to improve business standards, particularly in the agricultural and other sectors has never been this crucial. This has prompted the government and private banking institutions to provide loans and capital for small to medium-sized enterprises.
One such commendable initiative is the Government Enterprise & Empowerment Programme (GEEP) loan launched in 2016 to provide entrepreneurs and individuals with easy access to loans.
This article will provide a comprehensive guide on GEEP loans, including the loan categories, application process, and loan amounts, and address the authenticity of the GEEP loan scheme.
GEEP Loan in Nigeria
The GEEP loan scheme is an innovative funding program established by the Federal Government of Nigeria in the year 2016. Its primary purpose is to provide interest-free and collateral-free loans to small-scale entrepreneurs, empowering them to grow their businesses. GEEP caters to the needs of micro, small, and medium enterprises (MSMEs) operating at the grassroots level of the Nigerian economy.
GEEP loans are divided into three categories to meet the diverse needs of entrepreneurs. They include:
Geep Trader Moni
This category targets small-scale entrepreneurs and traders who require funds to expand their businesses. Eligible applicants include fruit sellers, small shop owners, and similar businesses.
Geep Farmer Moni
Farmer Moni loans specifically cater to the needs of individuals in the agricultural sector. To access loans under this category, business owners need to register with the Corporate Affairs Commission (CAC).
Geep Market Moni
Agro-based business owners seeking funds to expand their enterprises can apply under the Market Moni category. This category supports the growth of businesses in the agricultural industry.
GEEP Loan Portal Registration
To begin the GEEP loan application process, follow these steps:
- Visit the official GEEP Registration Portal at growth platform.me.
- Next, locate the GEEP Link on the portal.
- Then click on the link and carefully review the provided guidelines.
- Once you have familiarized yourself with the guidelines, click on the “Application” button.
For physical application, visit the National Orientation Agency in your respective state.
How to Apply for GEEP Loan
To successfully apply, it is essential to follow these steps:
- Complete the registration process on the GEEP portal by providing accurate information.
- Gather the required supporting documents, such as identification documents, business registration certificates, and bank statements.
- Submit your application through the designated channels, ensuring all information and documents are accurate and up to date.
- Await further communication from the Portal regarding the status of your application.
Frequently Asked Question
How Much is Geep Loan in Nigeria?
The loan amounts and terms are pretty flexible, unlike other loan apps in Nigeria. Applicants can apply for a maximum loan amount of N300,000 and a minimum amount of N10,000. This allows entrepreneurs to access the necessary funds to support their business growth.
The best part is that Geep loans are interest-free and do not require collateral. This removes the burden of interest payments and eliminates the need for valuable assets as collateral.
Also, entrepreneurs have the option to choose between short-term and long-term loan repayment plans, providing them with greater financial flexibility based on their business needs.
Is the GEEP Loan Legit?
Yes, the loan is a legitimate government initiative aimed at supporting small-scale entrepreneurs in Nigeria. The program offers interest-free and collateral-free loans to eligible applicants, providing them with an opportunity to grow their businesses.
What are the Eligibility Requirements for GEEP Loan Applicants?
To qualify for the loan, follow the guide below:
- Applicant must be a Nigerian citizen
- Must possess an Identification document (e.g., national ID card, voter’s card, or international passport)
- Should have business registration certificates for specific loan categories.
- Must have bank statements and financial records which will be used to confirm his creditworthiness
How much can I loan from geep?
The maximum loan amount you can get from a deep loan is N300,000, and the minimum amount you can apply for under the platform is N10,000 irrespective of your occupation.
The Government Enterprise & Empowerment Programme (GEEP) loan scheme in Nigeria is an amazing venture that has been offered to citizens wanting to start up or grow their businesses. It is the Government’s way of empowering small-scale entrepreneurs to take the bull by the horn and grow their businesses, contributes to the economy, and realize their entrepreneurial aspirations.