GEEP No-Interest Loan: What You Need To Know Learn Everything You Need to Know About GEEP Interest-Free Loans The Government Enterprise Empowerment Programme (GEEP) is one of the five National Strategic Investment Programs (NSIP).
Aiming to provide interest- and collateral-free loans to the millions of Micro, Small, and Medium-Sized Enterprises (MSMEs) working at the bottom of the Nigerian economic pyramid, GEEP was established in 2016. So far, the initiative has utilized three loan products to provide assistance to small and medium-sized businesses.
GEEP No-Interest Loan: What You Need To Know
MarketMoni, TraderMoni, and FarmerMoni are the three loan products offered by the program at this time.
1. MarketMoni was the first credit product offered by GEEP and was introduced in 2008. It is a 6-month interest-free loan for small enterprises operating under the jurisdiction of their cooperative societies or market organizations, with loan amounts starting at N50,000 ($139). This loan product has assisted small business owners in expanding their operations while providing them with a manageable repayment schedule.
2. TraderMoni: This is GEEP’s entry-level lending product, and it is available to anyone. Designed for small businesses and craftsmen, it is a 6-month interest-free loan with a starting amount of N10,000 ($28). Aiming at the everyday market trader who makes their living from what they sell on a daily basis and whose product inventory is between N2,000 and N5,000, this loan is designed to help them get by. This loan provides them with a structured strategy to boost their inventory instantly while still repaying the debt in a timely manner. The vast majority of those who benefit from this loan product are first-time borrowers from a formal financial institution.
3. FarmerMoni is a lending product that is aimed towards smallholder farmers in the agricultural industry, specifically. A 6- to 9-month interest-free loan with a starting amount of N250,000 ($694) for farmers in farming clusters is available through this product. In order to accommodate the unique characteristics of different planting seasons and farming requirements, the loan is customized. As an added bonus, this product contains a guaranteed off-taker who has committed to purchasing farming producers from those who have received this loan for the purpose of supporting local food production.
Loans from the GEEP are not awarded at random. Instead, they are carried out through existing clusters and organizations in a variety of markets throughout the country. This aids in the accurate tracking of the loans as well as the availability of simple repayment choices for the loan recipients.
For more information about GEEP and how you can apply visit https://www.geep.ng or dial *45665#