How to Apply for Geep Loan

Geep Loan, short for “GEEP” which stands for Government Enterprise and Empowerment Program, is a loan scheme designed to provide financial support to individuals and businesses in Nigeria.

Whether you’re an entrepreneur looking to start or expand your business, or an individual in need of financial assistance, applying for a Geep Loan could be your solution.

Therefore, in this article, we’ll be reviewing all you need to know about Geep Loan and how to get it.

What is a Geep loan?

The GEEP loan, short for Government Enterprise and Empowerment Program, started in 2016 to help small and medium-sized businesses by providing loans. 

Geep Loan is a product of the Bank of Industry (BOI) in collaboration with the Federal Government of Nigeria. 

It aims to empower micro-enterprises, small businesses, and individuals by providing them with access to affordable financial services. 

The loan scheme offers flexible repayment plans and competitive interest rates, making it an attractive option for those in need of financial assistance.

What’s unique about this loan is that you don’t need to offer any collateral or pay an application fee. It’s fully backed by the government, making it straightforward to get.

Read also: Payday Loan: How to Apply and Access 

What are the Types of Geep Loan?

Different types of loans are available under the Government Enterprise and Empowerment Programme (GEEP), each tailored to specific groups of individuals. They are:

1. Trader Moni: 

This loan is specifically designed for small-scale businesses such as fruit vendors and corner shops. Its primary objective is to provide financial support to these businesses, enabling them to expand and thrive. To apply for Trader Moni, entrepreneurs need to ensure they provide all the required details during the application process.

2. Farmer Moni: 

This loan targets farmers, particularly those operating on a small to medium scale. The aim is to assist them in improving both the quality and quantity of their agricultural produce.

By doing so, farmers can better position themselves to participate in the export market. Eligibility for Farmer Moni requires farmers to be registered with the Corporate Affairs Commission and to provide evidence of this registration when applying for the loan.

3. Market Moni: 

This is geared towards larger agricultural enterprises. Market Moni extends its reach beyond traditional farming activities to encompass any business involved in agriculture.

Whether it’s acquiring funds to expand an existing agricultural venture or kick-starting a new one, entrepreneurs can access the GEEP loan under this category, provided their business operates within the agricultural sector.

These distinct loan categories serve as avenues for empowering various segments of the population, from small traders to farmers and larger agricultural enterprises. 

By offering targeted financial support, the GEEP aims to foster economic growth and entrepreneurship within these sectors. Moreover, the application process for each category is streamlined, ensuring accessibility and ease for potential beneficiaries. 

Through initiatives like the GEEP, the government seeks to stimulate economic development and create opportunities for sustainable livelihoods across the nation.

Read also: How to Know if Your Capfin Loan has Been Approved

How to Apply For the GEEP Loan

Getting a GEEP loan is pretty straightforward, and that’s why many people go for it. Here’s how you can apply:

Sure, let’s break it down further:

• Visit the Website:

Go to growthplatform.me, which is the official website for GEEP.

• Find the GEEP Section:

Once you’re on the website, look for the section specifically for GEEP loans. This might be labeled clearly or hidden in a menu. Click on it.

• Start the Application: 

Within the GEEP section, you’ll likely find icons or buttons to start your application. Click on them and follow the prompts. It’s important to have all the necessary documents ready before you start. These could include identification, proof of income, and other relevant paperwork.

• Completing the Process:

After you’ve submitted your application online, it’s not quite finished yet. You’ll need to physically visit the National Orientation Agency office in your state.

There, you’ll likely need to provide additional documents or information, and they’ll guide you through the rest of the process. This step is crucial to finalize your loan application.

Requirements needed for Geep Loan application

To apply for a loan through GEEP, you’ll need to provide some important documents. These include:

• Your BVN

•  A certificate from your local government of origin.
• Passport photographs.
• If you own a business, you’ll need to provide your CAC receipt for d identification purposes.
• A valid national ID card for identification.

1. BVN (Bank Verification Number):

This is a unique number assigned to you by your bank. When applying for a loan, it’s crucial to provide accurate information, especially regarding your finances, to ensure it matches what you used to open your bank account.

This is important because your BVN will be used to verify if the details you provide to the loan platform are consistent with those on file at your bank.

2. Local Government of Origin Certificate:

 This certificate confirms your place of origin within your country. It’s a document that helps verify your identity and may be required when applying for certain loans.

3. Passport Photographs:

These are recent pictures of yourself, typically used for identification purposes. They help lenders verify your identity and can be required as part of the loan application process.

4. CAC Receipt (for Business Owners):

 If you own a business, you’ll need to provide proof of registration with the Corporate Affairs Commission (CAC). This receipt serves as evidence of your business’s existence and is required for identification purposes.

5.Valid National ID Card:

This serves as an official form of identification and is often required when applying for loans or other financial services. It helps verify your identity and may be used alongside other documents to confirm your personal details.

Read also: How to Get a Small Loan from Access Bank

What is the Loan Limit For A GEEP Loan?

The maximum loan amount you can get through the GEEP loan program, regardless of the category you apply from, is set at N300,000. 

This means that whether you’re applying as a trader, farmer, or artisan, the maximum amount available to borrow remains the same. On the other side, the smallest amount you can apply for under this platform is N10,000. 

Read also: What is Debicheck and Does Debicheck Mean Loan is Approved in South Africa?

Advantages of Geep Loan

What makes the GEEP loan platform stand out is its unique feature of offering primarily interest-free loans. This means that borrowers are not burdened with additional interest charges on top of the borrowed amount. 

Another significant advantage is the absence of a requirement for collateral. Unlike traditional loans that often demand assets as security, GEEP loans provide access to funds without such constraints. 

Moreover, borrowers have the flexibility to choose the loan tenure that best suits their needs. Whether opting for a short-term or long-term repayment plan, individuals have the liberty to decide the duration over which they will repay the loan. 

This flexibility empowers borrowers to tailor their repayment schedule according to their financial capabilities and obligations. 

Overall, the GEEP loan program aims to provide accessible and affordable financial support to individuals across various sectors, fostering entrepreneurship, economic growth, and financial inclusion within communities.

Read also: Kaelo Money Loan: how to Apply and Get it

How long can i stay before paying back a Geep loan?

The length of time you get to pay back a GEEP loan depends on what type of loan you applied for and the rules you agree to. Some loans last for more than a year, while others are shorter. You can pick the option that suits you best.

Just be careful to choose terms and conditions that are easy for you to manage, and make sure you can pay back the loan before the agreed-upon deadline.

Read also: Loan Payment Calculator: how it Works

Geep loan Disbursement Requirements

1. Letter of Offer: 

This is a formal document that states the terms and conditions of the loan, like how much you’re borrowing and the interest rate. It needs to be signed by someone important in the company, like a Director or Company Secretary.

2. Acceptance Letter and Specimen Signature: 

After receiving the offer, you need to confirm that you accept it. This letter should also have a sample signature of the person who is authorized to sign documents for the company.

3. Board Resolution: 

Your company’s board of directors needs to officially agree that the company will take out a loan.

4. Signed Loan Agreement: 

This is the legal contract between you and the lender. It outlines all the details of the loan, including repayment terms and consequences for not paying it back.

5. Proof of Payment of Fees: 

If there are any fees associated with processing the loan, you’ll need to show evidence that you’ve paid them.

6. Letter of Attestation: 

This is a statement confirming certain facts, often required by the lender.

7. Original Proforma Invoice(s): 

These are detailed estimates or quotations for the items or services you intend to purchase with the loan.

8. Passport Photographs: 

Pictures of the main person involved in the loan and one of the directors. This helps identify who’s responsible for the loan.

9. Evidence of Tax Compliance: 

You need to show that your company and its directors have been paying taxes and filing returns as required by law.

10. Security Documents: 

If you’re offering property as collateral for the loan, you’ll need to provide legal documents proving ownership.

11. Letter of Undertaking: 

This is a promise to the lender that you’ll continue to pay interest during any period when you’re not required to make regular loan payments, like during a grace period or moratorium.

Read also: Mcoop Cash Loan Limit and How to Increase it

Geep Loan Customer Care Service

Here’s how you can reach out to GEEP in case of inquiry or complaint:

• By visiting them in person at either of these addresses: BOI House Plot 246, Zone A off Herbert Macaulay Way, Abuja, or 23 Marina Street, Lagos.
• You can give them a call at +2347006275386 or +2347001000200.
• Another option is to go online and visit their website, growthplatform.me.
• If you prefer emailing, you can reach them at ask@growthplatfor.tech. Make sure to be clear about why you’re contacting them.

If you’re not comfortable writing, it’s best to contact them by phone.

FAQs

Conclusion

Applying for a Geep Loan can be a straightforward process if you follow the steps outlined in this article.

By understanding the eligibility criteria, choosing the right lending institution, and completing the application process accurately, you can increase your chances of securing a Geep Loan to support your personal or business needs.

If you found this piece useful, kindly drop a nice comment. Also visit and follow us on X @SiliconAfriTech for access to other useful contents 

References

• quicksub – GEEP LOAN – HOW TO APPLY, REQUIREMENTS AND APPROVAL
• boi.ng -Government Enterprise And Empowerment Programme (GEEP)

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