BenedictGEEP Program – FG Disbursement of N50,000 Started
Following the approval by the president, pending payments for NSIP program recipients have recommenced the disbursement of N50,000 to beneficiaries of the GEEP initiative.
What Is GEEP?
The Government Enterprise and Empowerment Program (GEEP), managed by the Bank of Industry (BOI), a Nigerian development finance institution, is responsible for disbursing loans under the GEEP program. The GEEP initiative is aimed at offering interest and collateral-free credit to Micro SMEs (MSMEs) operating at the bottom of the Nigerian economic pyramid.
Under the GEEP initiative are three major loan programs designed to support small to medium-sized businesses. The programs are;
- MarketMoni
- TraderMoni
- and FarmerMoni.
MarketMoni
The marketMoni is a 6-month interest-free loan, with an initial loan offer of N50,000 for small businesses under the auspices of their cooperative societies or market associations.
FarmerMoni
FarmerMoni is a loan targeted at smallholder farmers in the agricultural sector. This loan is a 6-9 months interest-free loan, with an N250,000 initial offer for farmers within farming clusters. The loan is tailored to suit the peculiarities of the different planting seasons and farming requirements. The loan also offers a guaranteed off-taker who commits to purchasing the farming produce from beneficiaries of this loan for local food production. This ensures the farmers do not run losses and makes sure they can pay the loan so they can apply for higher amounts in their next farming season.
TraderMoni
TraderMoni is an entry-level loan program under the Government Enterprise and Empowerment Program. It is a 6-month interest-free loan, starting from N10,000 (Now 50,000) aimed at petty traders and artisans.
Eligibility Criteria
- Applicants must belong to a cooperative society/group registered at the state level
- Must provide a valid BVN
- Must have a verified trade/farming location
- Must provide valid bank account information
Applying for the GEEP Program
The process of application for the GEEP loan program is quite streamlined. The Federal Government encourages eligible Nigerians to apply for this program to help enhance their businesses and uplift their standard of living. Applicants are advised to apply for suitable loan products as per their occupation and requirements.
Benedict
