Struggling entrepreneur or everyday Nigerian hustler, listen up!
The Government Enterprise & Empowerment Programme (GEEP) might just be your savior.
Launched in 2016, this government-backed program offers interest-free, collateral-free loans specifically designed to help micro, small, and medium-sized businesses (MSMEs) like yours thrive!
Now, let’s dive into how the GEEP loan can empower your Nigerian entrepreneurial journey!
Types of GEEP Loan
To help grow businesses, the GEEP funding scheme is divided into 3 categories. They include:
1. Trader MoniĀ
This category is for small business owners who need money to expand their businesses.
Fruit sellers and small-scale shop owners can apply for the Trader Moni loan.
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.
How to Apply for the GEEP Loan?
Here’s how you can apply for the GEEP loan:
1. Go to the official GEEP Registration Portal
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 āApplicationā 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.Ā
However, if a GEEP loan isn’t your cup of tea, then check out EaseMoni ā A quick way to borrow instant loans.
Note: Customers are required to open an account with the Bank of Industry before application can commence. A customer identification number will be created at the end of the account opening process.
Documents for GEEP Account Opening
- Schedule of the shareholders signed by the company secretary. (Shareholders Register) for new customers and a confirmation of earlier submissions for returning customers
- Full Incorporation Documents:
- Photocopy of Certificate of Incorporation
- A certified true copy of Memorandum and Articles of Association
- Forms CAC 2.5 (Allotment of Shares)
- CAC 2.3 (Particulars of Directors)
- CAC 2.1 (Appointment of Company Secretary)
- Means of identification of all Directors of the company (i.e., photocopy of International Passport/Driverās License and National Identity Card) and BVN of the Executive Directors.Ā (note that the ID of all Directors are needed for compliance and credit search)
Note: The loan application process will begin after the account is opened.
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.Ā
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 own a small or medium-sized business, take advantage of this chance to apply for the GEEP loan.
Struggling to find the right loan? Compare offers from multiple lenders in minutes on this secure platform. Find the perfect fit for your financial needs.
Documents Needed to Obtain a GEEP Loan
Here are some important documents you’ll need:
1. BVN (See how to check your BVN)
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: https://www.boi.ng/our-locations/
Phone Number: +(234) 7002255264
Website: www.growthplatform.me
Email Address: customercare@boi.ng
Conclusion
The GEEP loan is just what you need to kickstart your business.
This awesome scheme offers collateral and interest-free loans, so you can focus on what you do best ā building your dream.
