The GEEP loan is one of many loans that the government has taken upon itself to offer to small and medium-sized businesses. The steps for applying for a GEEP loan will be covered in depth in this post, along with the prerequisites and, most importantly, some commonly asked questions.
The average level of business in Nigeria has needed to be raised over time, in both the agricultural and other industries. Many business owners desire to expand their enterprises, while others aim to launch a successful venture. However, the majority of business owners are unable to achieve this due to a lack of funds and loans.
GEEP, or Government Enterprise and Empowerment Program, is a scheme aimed at providing loans to small and medium-sized businesses, the loan platform was founded in 2016. One of the key features of this loan is that there is no application fee, smooth and easy user interaction, no requirement for security, and the loan is entirely held by the government, making it quick and simple to get a loan through the platform.
You can also choose from a flexible repayment plan that will allow you to pay back the loan you took out earlier than expected. The GEEP loan Carter for small and medium-sized businesses was started by the Nigerian federal government. Anyone living in Nigeria can apply for a loan as long as you are 18 years old.
Types of GEEP loans
The GEEP loan category is separated into three financing schemes all applicants for this loan must submit their applications. These three funding schemes are:
1. Trader Moni
You must submit an application in the small enterprise category if your company qualifies. For small enterprises seeking funding to expand, there is a GEEP loan category available for you.
2. Farmer Moni
Small and medium-sized farmers are the only ones eligible for this category, which is intended to assist them in increasing the quality and quantity of their output in order to facilitate the export of agricultural products to other nations. Fruit vendors, proprietors of small shops, and other small businesses are some companies that should apply for this type of GEEP loan.
3. Market Moni
You can submit an application for a GEEP loan under this category if you are involved in large-scale agricultural production, which includes any Agri-based enterprises and this does not just entail farming. You can apply for a GEEP loan in this category if you need funding to establish a business, expand an existing one, or both.
How to request a GEEP loan
The majority of people submit numerous GEEP loan applications because the process is so simple. Follow the steps listed below to submit an application for a GEEP loan;
- Visit growthplatform.me the official GEEP website.
- Click on the GEEP link as soon as the link has opened.
- Make sure all the necessary paperwork is prepared before applying for a GEEP loan; failing to provide any mandatory paperwork will result in the rejection of your loan application.
- After you have finished the online application procedure, you must go to the National Orientation Agency in the state you’re currently residing in to complete your loan application process.
Documents needed to apply for a GEEP loan
The following documentation must be submitted in order for your loan application to be authorized on the GEEP lending platform:
- When filling out the BVN, make sure all of your information is accurate and that your financial information matches the information you used to open your bank account. Because when you submit your BVN, it will be utilized to verify that the information you provided to the loan platform matches up with your BVN.
- Original I.D. certificate from the local government.
- 3 Passports.
- Owners of businesses must present their CAC receipts as proof of identity.
- An acceptable national ID card will be accepted as proof of identity.