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Latest Update on Iyaloja Geep Loan Scheme in Nigeria 2024

By Oluchukwu Ikemefuna

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The Federal Government of Nigeria established the Government Enterprise and Empowerment Programme (GEEP) also known as the “Iyaloja” loan scheme, Fund through the Social Investment Unit in the Office of the Vice President (OVP).

Its purpose is to offer financial assistance to various groups, including market women, artisans, women cooperative societies, enterprising youths, small-scale farmers, agro-allied processors, and other MSME categories involved in small and medium businesses in Nigeria.

Iyaloja Geep loan scheme

The Government Enterprise & Empowerment Programme (GEEP) started in 2016 and was revamped with version 2.0 under the current Tinubu Government. It aims to provide interest-free and collateral-free loans to needy Micro SMEs (MSMEs). Unlike commercially held platforms like Soko loans USSD code, GEEP is entirely government-owned.

The Federal Government of Nigeria established GEEP to cater to the needs of individuals and small and medium-sized businesses in Nigeria. Consequently, all Nigerian citizens are eligible to apply for this loan.

Also read: Fadhili Loan App: how to Activate and Access Loan

The “Iyaloja” GEEP Loan Categories

The GEEP funding scheme is divided into three categories aimed at supporting businesses in their growth:

  1. Trader Moni: This category targets small-scale entrepreneurs and traders seeking funds to expand their operations. Individuals such as fruit sellers and small-scale store proprietors are eligible to apply for the Trader Moni loan.
  2. Farmer Moni: Businesses looking for loans under this category must first register with the Corporate Affairs Commission (CAC).
  3. Market Moni: Specifically designed for owners of agricultural businesses, Market Moni provides funding for agri-business enterprises looking to expand their operations.

Maximum Loan Amount and Terms

The maximum loan amount available for the GEEP loan is N300,000, with a minimum amount of N10,000 that you can apply for. These loans are interest-free and do not require collateral. Additionally, you have the option to choose between short-term and long-term loans.

The term of the GEEP loan is six months, and it is interest-free for small business owners operating under market organizations or cooperative societies, starting at N50,000. This makes it a beneficial opportunity for small and medium-sized entrepreneurs, traders, and business owners to apply for a GEEP loan.

Also read: Kaelo Money Loan: how to Apply and Get it

Iyaloja GEEP Loan Application

To apply for the Iyaloja loan scheme, follow these steps:

  1. Visit the website mentioned by past applicants to access the application portal.
  2. Provide the required details accurately, including:
  • Surname
  • First name
  • BVN (Bank Verification Number)
  • NIN (National Identification Number)
  • Phone number
  • Date of birth
  • Gender
  • Resident address
  • Guarantor’s name
  • Guarantor’s phone number
  • State
  • Ward
  • Local government
  • Type of business

Ensure that all information provided is correct. If your application is successful, you will receive the loan in an account that you would have created during the initial application process.

Despite rumors of the suspension of the Iyaloja Geep loan scheme due to the suspension of Betta Edu, the Minister of Humanitarian Affairs and Poverty Alleviation, these rumors have not been officially confirmed. The President Tinubu-led government has not openly declared the program’s suspension. Consequently, applicants can still apply and receive a non-interest loan unless there are official announcements stating otherwise.

Also read: SASSA Loan: how to Apply and Access it

FAQs about the Iyaloja Geep Loan Scheme

What is the Iyaloja Geep Loan Scheme?
  • The Iyaloja Geep Loan Scheme is a financial assistance program aimed at supporting small and medium-sized entrepreneurs, traders, and business owners in Nigeria.
How can I apply for the Iyaloja Geep Loan Scheme?
  • To apply for the Iyaloja Geep Loan Scheme, visit the designated website mentioned by past applicants and provide accurate details such as your personal information, business details, and guarantor information.
What information do I need to provide during the application process?
  • During the application process, you will be required to provide details such as your surname, first name, BVN (Bank Verification Number), NIN (National Identification Number), phone number, date of birth, gender, resident address, guarantor’s name and phone number, state, ward, local government, and type of business.
Is the Iyaloja Geep Loan Scheme currently active?
  • While there have been rumors of the Iyaloja Geep Loan Scheme being suspended due to administrative changes, no official confirmation has been provided by the government. Therefore, applicants can still apply and potentially receive a non-interest loan unless otherwise stated.
What is the maximum loan amount available through the Iyaloja Geep Loan Scheme?
  • The maximum loan amount available through the Iyaloja Geep Loan Scheme is N300,000, with a minimum amount of N10,000 that can be applied for.
What is the loan term for the Iyaloja Geep Loan Scheme?
  • The loan term for the Iyaloja Geep Loan Scheme is six months, and it is interest-free for small business owners operating under market organizations or cooperative societies, starting at N30,000.
Are there any specific eligibility criteria for the Iyaloja Geep Loan Scheme?
  • The eligibility criteria may vary, but typically, individuals and businesses in need of financial assistance, especially those operating in micro, small, and medium-sized enterprises (MSMEs), are encouraged to apply.
Is there a specific website or portal for the Iyaloja Geep Loan Scheme?
  • Applicants have reported accessing the application through a specific website mentioned in previous applications, although there is no official website exclusively dedicated to the Iyaloja Geep Loan Scheme.
What should I do if I encounter any issues or need further assistance with my application?
  • If you encounter any issues or require additional assistance during the application process, you can reach out to the designated support channels provided on the application portal or contact the relevant authorities for guidance.

Conclusion

In conclusion, the Iyaloja Geep Loan Scheme presents a valuable opportunity for small and medium-sized entrepreneurs, traders, and business owners in Nigeria to access interest-free financial assistance.

Despite rumors of suspension, applicants can still apply through the designated website, providing accurate details for consideration. The maximum loan amount of N300,000 and a six-month interest-free term make this scheme particularly beneficial for those operating within market organizations or cooperative societies.

As we navigate potential administrative changes, the continued availability of this non-interest loan offers hope and support to the entrepreneurial spirit driving economic growth in Nigeria.

Also read: Kuda Bank Loan: Application, Qualifications and Requirements

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Christian Maximilian
Christian Maximilian

I am a Software Engineer, technical writer, and overall tech enthusiast. For me, utilizing my skills as a Software Engineer to perform Technical Search Engine Optimization is not just a job, but something I gladly incorporate into my pastimes as well, and I have been doing this for over 3 years.

When I'm not coding or writing technical documentation, I enjoy listening to music and exploring new genres.

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