In this article we’d be exploring everything you’d need to know about the Geep loan program; from what it’s about, to reviews, types and off course, how to apply.
Before we begin, we need to understand what a loan is and what it means for someone to take a loan.
In informal terms, a loan is basically when someone borrows money from a person or an organization with the understanding that they will pay it back later, usually with some additional amount called interest. It’s like asking for some money from a friend and promising to give it back in the future.
When you take out a loan, you typically have to agree on certain terms and conditions with the lender. This includes the amount of money you’re borrowing, the interest rate (the extra amount you have to pay back), and the duration or time period in which you’re expected to repay the loan.
Loans are commonly used for various purposes like buying a house, starting a business, paying for education, or even for personal expenses. The lender provides the money upfront, and the borrower agrees to make regular payments over a certain period until the loan is fully repaid.
It’s important to remember that loans are not free money, and you have to be responsible for paying back the borrowed amount. Failing to repay a loan can result in penalties, damage your credit score, and make it harder for you to borrow money in the future.
Overall, a loan is a financial arrangement where you borrow money and agree to pay it back over time, usually with interest. It’s a way to access funds you don’t have right now but need for specific purposes.
About Government Enterprise & Empowerment Programme (GEEP) Loan
The Government Enterprise and Empowerment Program (GEEP) is a microfinance program launched by the Nigerian government to provide financial support and training to businesses and entrepreneurs at the bottom of the financial pyramid.
The program offers three loan products:
- TraderMoni: The aim of TraderMoni is to provide financial assistance to petty traders and artisans to help them grow their businesses. The scheme provides interest-free loans to petty traders and artisans, starting from N10,000. The loans are repayable within 6 months. There are no collateral requirements.
- MarketMoni: MarketMoni provides interest-free loans of N50,000 to small businesses under the auspices of their cooperative societies or market associations. The loans are repayable within 6 months. There are no collateral requirements.
- FarmerMoni: FarmerMoni provides interest-free loans of up to N300,000 to farmers to help them grow their businesses. The loans are repayable within 9 months. There are no collateral requirements.
Who is Eligible for GEEP Loan?
To be eligible for a GEEP loan, you must:
- Be a Nigerian citizen
- Be between the ages of 18 and 55
- Be engaged in a business or entrepreneurial activity
- Have a valid Bank Verification Number (BVN)
- Be a member of a cooperative society or market association (for MarketMoni)
How to apply for GEEP Loan
To apply for a loan from the Government Enterprise & Empowerment Programme (GEEP), kindly follow these guidelines:
- Visit the official GEEP Registration Portal
- Next, go to the GEEP Link (if the portal is open, you should see a link)
- After that, click the link and go through the guidelines carefully
- Next, click on “Application”
- When you are ready to apply physically, just go to the National Orientation Agency in the state you live in.
Documents you need to obtain a GEEP Loan
Below are some important documents you need to have when applying for a GEEP loan:
- A Valid National ID
- Passport Photographs
- Local Govt of Origin Certificate
- CAC Certificate for businesses eligible
How to contact Government Enterprise & Empowerment Programme (GEEP)
Below are some ways you can reach GEEP loan:
- Website: www.growthplatform.me
- Email Address: [email protected]
- Phone Number: +234 700 1000 200, +234 700 6275 386
- Address: BOI House Plot 256, Zone A O Off, Herbert Macaulay Way, Abuja OR 23 Marina Street, Lagos.