Government Enterprise Empowerment Program (GEEP) 2.0 Phase 2 Commencement Date, Application Form, and How to Apply for Nigerians
Interested Nigerian SMEs who are seeking funding to increase their business output with low-interest micro-loan are hereby informed that the Government Enterprise Empowerment Program (GEEP) is set to commence the second phase of the 2.0 version of the program. All interested Nigerians are advised to apply for the low-interest loan program.
Designed to reach businesses and entrepreneurs at the bottom of the financial pyramid in Nigeria, the Government Enterprise and Empowerment Programme (GEEP) was launched in 2016 with the aim to offer interest and collateral-free credit to millions of Micro SMEs (MSMEs) in Nigeria.
To achieve the set objective, three major loan programs were created to reach SMEs at all levels and these programs are; MarketMoni, TraderMoni, and FarmerMoni.
MARKETMONI: this was the first loan product launched under the GEEP initiative. It is a 6-month interest-free loan, starting from N50,000 ($139) for small businesses under the auspices of their cooperative societies or market associations. This loan product has helped small business owners scale their businesses while offering them a comfortable repayment period.
FARMERMONI: as the name implies, farmer moni is a special loan program targeted at the smallholder farmers in the agriculture sector. This program is a 6-9 months interest-free loan, starting from N250,000 ($694) for farmers within farming clusters. The loan is tailored to suit the peculiarities of the different planting seasons and farming requirements.
Italso includes a guaranteed off-taker who commits to purchasing the farming producer from beneficiaries of this loan for the purpose of local food production so as to encourage easy sales of products and aid the loan recovery plan.
TRADER MONI: is an entry-level loan product for GEEP. Just like market moni, it is a 6-month interest-free loan, starting from N10,000 ($28) aimed at petty traders and artisans. This loan is targeted at the everyday market trader, who makes a living from what they sell on a daily basis and whose product inventory ranges from N2,000 – N5,000. This loan immediately provides them with a structured way to increase their inventory, while repaying the loan. Most beneficiaries of this loan product are first-time receivers of a loan from a formal financial lender.
GEEP 2.0 Loan Phase 2 Registration
In a recent development, Federal Government, through the Ministry of Humanitarian Affairs, Disaster Management, and Social Development has announced the commencement of registration for the Government Enterprise Empowerment Programme (GEEP) 2.0 Loan Second Phase.
According to the information released, the GEEP 2.0 phase 2 is set to commence in the month of August(no fixed date is given). The development came after the national training of officers who have been retrained on the use of modern technology in effectively carrying out their duty in accordance with modern data collection practices.
GEEP 2.0 Registration
With the nature of the said training of officers in the 774 local government areas of the federation, it is assumed that phase 2 of the GEEP 2.0 will be conducted offline by the trained personnel at various local government areas of the country since no official portal was announced for online registration.
How to Register
Interested applicants should visit the nearest local government council and locate the NASIMS within the council to verify how to signup for the program.