Geep loan is one of the Federal Government’s schemes created to help business owners grow their businesses with the help of long-term loans with less interest.
The loan scheme was created with the motive of helping businesses of all sizes grow whether micro, small or medium enterprises MSMEs.
We know you are on this page because you are curious to know more about the Geep loan benefits and how to apply.
Before we start talking about the process to apply for the loan, let’s get to know about the loan.
What is Geep Loan?
Geep is a government initiative that was established in 2015 by the Federal Government of Nigeria with the aim of accelerating the economic growth of the country by helping grow small businesses.
The aim of the Geep loan is to fund Micro, Small, and Medium Scale businesses in Nigeria which in turn will contribute to the growth of the country’s economy.
Almost everyone in Nigeria can apply for the loan as long as they meet the requirements of the scheme, let’s talk about the requirements below:
The list below is the list of the requirements to be met before applying:
- Must possess an Identification card (National ID card or Voter’s card)
- You must be a Nigerian by birth
- Must own an existing business situated in Nigeria
- Must be ready to repay the loan as at when due
- Do take note that education qualification is not a requirement or barrier.
Categories of Geep Loan
The Geep loan has three (3) categories which are:
MarketMoni: This loan is meant for market people that are in need of interest-free loans to expand their businesses. To apply for this loan your business must be registered with Corporate Affairs Commission (CAC)
TraderMoni: This loan type is specifically for Micro, Small, and Medium scale business owners that are in need of funds to grow their businesses. Businesses example; Food seller, Bread seller, Fruit seller, Small kiosk owner, etc.
FarmerMoni: The loan type is meant for farmers who are in need of funds to expand their Agri-business through the purchase of farm tools, improvision of crop production, animal production, and others.
Now that you have learned about the categories named under Geep loan, let’s talk about how you can apply for the loan with steps.
How to apply for GEEP Loan
Start by visiting the official site for the Geep loan at https://www.growthplatform.me/geep.html
Click on the “Apply Now” button
Fill in your correct personal details in the boxes
Click “Submit” after done
You will then be able to upload your documents and apply for a loan.
There is no strict limit to the amount you can borrow as long you continue to pay your loan.
For starters, you can borrow up to N300,000 depending on your credit history starting from N10,000 to N20,000, N50,000, N100,000, and N300,000.
As long as you continue to repay your existing loan, your loan amount will continue to increase.
Do note that you are not required to pay any form fee while registering, the only website to apply is https://www.growthplatform.me/geep.html.