Over the years, there has been a need to improve the standard of business in Nigeria, both in the agricultural and other sectors.
Many business owners want to take their businesses to the next level, while others wish to start a profitable business. Still, because of a lack of loans and capital, most business owners cannot do this.
The government has taken it upon itself to provide loans for small to medium size businesses, and the GEEP loan is one such loan. In this article, we will discuss in detail how to apply for a GEEP loan, the requirements for the application of a GEEP loan, and, most significantly, we will answer some of the frequently asked questions. Stay tuned and pay close attention.
Overview of GEEP loan
GEEP is an acronym that stands for Government Enterprise and Empowerment Program. The loan platform was established in 2016 to give loans to small and medium-sized businesses.
One of the essential aspects of this loan is the fact that you do not need collateral to apply for this loan, there’s no application fee, and the loan is completely government owned which makes it effing and easy to obtain a loan from the platform.
There is also a flexible repayment system you can choose from that will enable you to repay the loan you borrowed before the agreed period.
Furthermore, the federal government of Nigeria launched the GEEP loan to Carter for small and medium-sized enterprises. All citizens of the country are eligible to apply for this loan, provided they meet the requirements.
Read Too – How to Apply for a Business Loan
Categories of GEEP Loan
The GEEP loan category is divided into two three, and these three are the three funding schemes anyone that is applying for this loan must apply under; the three categories of loans are;
- Trader Moni
- Farmer moni
- Market moni
If your business falls under a small-scale enterprise, you must apply under this category. This GEEP loan category is for small businesses looking for money to grow their businesses.
Some businesses that should apply for this category of GEEP loan include fruit sellers, small-scale shop owners, and other small businesses across the country.
All you need to do when applying under this category is to ensure you provide all the necessary details and follow through with this article to the end.
This GEEP loan category is strictly for farmers, small to medium-scale farmers to help them improve the quality and quantity of their products to further help in the exportation of farm produce to other countries.
Before you can be considered eligible to apply for this loan, you must first register with the Corporate Affairs Commission and provide proof of registration upon your application.
If you’re into large-scale agricultural production, this does not involve farming alone, but for any Agri based businesses, you can apply for a GEEP loan under this category.
If you need money to grow your business or start-up capital to start your business, you can apply for the GEEP loan under this category, provided that your business is agricultural-based.
What is the Maximum Loan Amount For A GEEP Loan
No matter the category you apply from, the GEEP loan maximum age minimum loan is the same for all three types.
The maximum loan amount is N300,000, and the minimum amount you can apply for under the platform is N10,000.
Furthermore, one of the things that set this GEEP loan platform apart is the fact that the loans are primarily interest-free, and most importantly, you do not require any collateral to obtain the loan.
You’re equally at liberty to choose the loan tenure you want; you can choose a long-term or short-term loan.
GEEP Loan Tenor
The GEEP loan tenor depends on the category you applied under and the terms and conditions you choose. Long-term loans span over one year, and while there are equally short-term loans, you can select the one that works best for you.
But when it comes to terms and conditions, make sure you choose the one that is most flexible for you and borrow the one you pay back before the end of the agreed period.
How to Apply For the GEEP Loan
It is very easy to apply for a GEEP loan, which is why most people apply massively. To apply for a GEEP loan, follow the steps outlined below;
- Visit the official GEEP website and portal, which is growthplatform.me
- Immediately the link opens, the next thing you need to do is to check for the GEEP link and click on it.
- Click on the application icons and follow suit. When applying for a GEEP loan, make sure that all the required documents are ready; missing any of the essential documents will lead to the disqualification of your loan application process.
- After you’ve applied online, you are required to visit the platform physically to complete your loan application process; when you’re ready to complete the online application process, you need to visit the National Orientation Agency in the state you’re living in.
Required Documents for the Application of GEEP Loan
To apply for a loan on the GEEP loan platform and get approved, you need to provide the following documents below;
- BVN (you need to submit all your details correctly, and when submitting your financial information, you must make sure that your financial details are similar to that which you used to open your bank account. The reason is this when you submit your BVN, and it will be used to check if your details are the same as the ones you submitted to the loan platform).
- The local government of origin certificate.
- Passport photographs.
- For business owners, you must provide your CAC receipt for identification.
- A valid national ID card will serve as a means of identification.
How To Contact GEEP
There are various ways to contact the GEEP loan platform, and some of the ways are ;
- Though address: BOI House Plot 246, Zone A off Herbert Macaulay Way, Abuja OR 23 Marina Street Lagos
- Phone number: +2347006275386, +2347001000200
- Through the website which is; growthplatform.me
- Email address: firstname.lastname@example.org
Note that when trying to contact the platform through their official email address above. You must go straight to the point and state your reason for contacting them explicitly.
In addition, if you cannot write well, you should contact the GEEP loan platform through their official phone number.
Frequently Asked Questions
Is GEEP a loan or grant?
The GEEP loan platform is a federal government project that grants loans to individuals, partnerships, and businesses.
This loan has been made available to small and medium-sized businesses to help any Nigerian who needs capital to start their business, scale up their business, or increase their marketing budget. GEEP is a loan by the federal government, not a grant or aid.
How do I access GEEP?
You can quickly access the GEEP loan by visiting their official website, which we have included in this article, sign up for the Government Enterprise and Empowerment Program, and provide all the requirements and documents as expected.
Above all, ensure that all the details provided are correct; that is, how to apply, access, and get your loan approved on the GEEP platform.
How long does it take for my loan to be approved?
When you apply for the GEEP loan via the website, the platform will have to go through your loan application process to be sure it is authentic, especially your BVN.
Your BVN acts like a system that enables the GEEP platform to screen your application process and loan, and most significantly, they use your BVN to check your creditworthiness.
This will determine if you’re qualified to be given a loan, so make sure you have a high credit score.
We have come to the end of this article. A GEEP loan is one of the legit loans you can apply for as an individual or a business.
In this article, we took out time to show you the step-by-step process of applying for a GEEP loan. Hopefully, we believe that this article was helpful to you. Feel free to use the comments section for your questions.