GEEP loan application:The federal government in a bid to help existing micro, small and medium enterprises (MSMEs) in Nigeria created the Government Enterprise and Empowerment Program (GEEP) loan. We show our support by showing you how to apply for GEEP 2.0(zero-interest rate) loan scheme.
In order to accelerate the country’s economic growth, the Federal Government of Nigeria (FGN) established GEEP in 2015. This Government initiative has aided the growth of many businesses in Nigeria.
Sequel to that, this loan which is aimed at building a strong foundation for the country’s economy by funding Micro, Small, and Medium scale businesses, is open to every Nigerian as long as the requirements are met.
Requirements for GEEP 2.0 loan
- Applicants must be citizens’ by birth,
- Must be an owner of an existing business in Nigeria (micro, small, and medium scale business),
- Applicants must be able to repay the loan,
- Must have a valid identity card or voter’s card.
Categories of GEEP 2.0 loan
There are four categories of GEEP loan thus;
- Tradermoni: this category is for micro (e.g. small kiosk owners), small(poultry) and medium scale(tailoring) business owners who need financial assistance to grow their businesses.
- Marketmoni: this category is for businesses under the Cooperate Affairs Commission (CAC) that need interest-free loans to help expand their businesses.
- Farmermoni: as the name implies, this category is exclusively for farmers that wish to fund their agro-based businesses which can range from crop production, animal production, aquaculture, processing, etc.
- Npower loan: this category is meant for former N-power beneficiaries (Batch A & B) to help them start-up a business.
How to Apply for GEEP 2.0 loan
- To apply for the loan under trademoni, marketmoni and farmermoni, visit the official website.
- To apply under Npower, visit Npower official website to submit your application.
However, take note that GEEP loan is an interest-free loan within the range of N10,000 to N300,000. One can also borrow N10,000, N20,000, N30,000, in a graduating scale up to N300,000 i.e. you become eligible to borrow N20,000 when you repay an initial loan of N10,000, the same process can be repeated until the maximum amount (N300,000) is hit! there are no educational qualifications for acquiring this loan.
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