The Federal Government Enterprise Empowerment Programme (GEEP) has been officially launched.
It was launched to provide loans to small businesses owned by low-income earners and is designed to empower them with credit SMEs.
The GEEP Loans are available divided into three programs: MarketMoni, FarmerMoni, and TraderMoni.
This article will explain who is eligible for the GEEP loan, the categories under which the loan falls, and how to apply for each programme available under the GEEP loan.
Who is eligible for the GEEP loan?
The GEEP loan is available to every Nigerian trader, artisan, and farmer.
GEEP loan is a programme that provides credit for small businesses and it has a 6-month repayment term.
Note: However, Geep Loan Application is available to users online
- GEEP launched MarketMoni as the first loan product and it is still active ever since.
- This loan product is a 6-month loan that is interest-free and starts at N50,000 ($139). It’s available to small businesses that are under the guidance of their cooperative societies or market association.
- The loan product was designed to help small business owners grow their businesses and offer a flexible repayment period.
- There is currently no registration form for marketmoni.
- GEEP’s entry-level loan product is the TraderMoni loan programme.
- This loan product is a 6-month loan that is interest-free and starts at N10,000 ($28). It’s aimed at artisans and petty traders.
- The loan is for everyday market traders who make a living selling product on a daily basis and those whose product inventory ranges between N2,000 and N5,000.
- They can use the loan to instantly purchase inventory and then repay back over the grace period.
- The majority of beneficiaries of this loan product are first-time recipients of a loan from an official financial lender.
- FarmerMoni is an agricultural loan product that targets smallholder farmers in the agricultural sector.
- It was created for farmers in farming clusters, this loan is interest-free for 6-9 months and starts at N250,000 ($694).
- The loan is tailored to help meet the specific needs of each planting season and farming requirements.
- This loan product also offers a guaranteed off-taker who agrees to purchase the farmer produce from the beneficiaries of the loan in order to centralize local food production.
How does GEEP loan work?
- GEEP Agents get deployed to market clusters in Nigeria through their mobile devices.
- Prospective beneficiaries are registered at the point of their trade with several data points, including GPS location and face ID collected.
- These data points will be submitted to a central repository for proper verification.
- Each successful data submission is classified into batches of 10-20.
- The fully manned phone center will call a random batch of beneficiaries to confirm the information which was submitted.
- Once verified, prospective beneficiaries will be available to be disbursed into their mobile wallets.
- Verified beneficiaries get a text message asking them to accept or reject an offer of a loan.
- Once they have accepted, the amount is added or funded to their mobile wallet.
- Beneficiaries can choose whether to receive cash through an agent or transfer it to their bank accounts.
Each beneficiary is entitled to a two-week moratorium before they start repaying their loan. The minimum loan repayment period is 3 months, and the maximum amount of 6 months.
The beneficiary can repay the loan at any bank, or with voucher cards. A beneficiary who has repaid all of their loan amounts will be eligible for a greater loan amount.
How to apply for the GEEP loan
For you to apply for the GEEP loan under the category you fall under you need to visit the official GEEP website.