How to Apply for N-Power GEEP Loan – The Nigerian Federal Government has consented to offer interest-free loans as much as N300,000 to the N-power beneficiaries through the GEEP initiative. Npower is one of the four GEEP programs established by the Federal Government to eradicate poverty and reduce the unemployment rate in the country.
This post contains all the details you need to know about the initiative, how to apply for the Npower GEEP loan when you are expected to pay it back, whether you need collateral to apply and so much more value.
Please note this initiative is not available to all Nigerians seeking to obtain a loan. To obtain this loan, you must have been among the candidates who recently exited the N-power Batch A and B as beneficiaries. Also, if you did not exist from the Npower beneficiary program, but you wish to access this loaning opportunity, then continue reading to see how you can apply for the GEEP loan that is open to everyone.
What is a GEEP loan?
GEEP is simply an acronym for Government Enterprise and Empowerment Program. It is a Federal government initiative sketched to assist in funding Micro, Small, and Medium scale businesses in Nigeria
The N-power GEEP loan is an interest-free loan enabled for access to outgoing N-power beneficiaries in a view to aid them in starting up their business or fund the already existing ones.
According to Minister of Finance, Zainab Ahmed, N-Power beneficiaries will get GEEP Loan so that they would not have to return to the streets, jobless and with empty pockets. “The GEEP loan will serve as their exit package”, he continued.
GEEP initiative was formally introduced by the President Buhari-led administration. The program has helped millions of Nigerians to regain their feats and stand on their own. It has helped most youths with start-up capitals to have something doing and also to improve their already existing skills/business. Traders, artisans, market men and women, farmers, graduates, and undergraduates have benefited from the Nigerian GEEP scheme for the past few years that this program has been in existence.
The primary Aim/Objective of the GEEP initiative is to target the Micro, Small and Medium businesses which are the underlying foundations of the Nigerian economy. Once these small businesses are funded using the capital from the GEEP loans, the Nigerian economy will hopefully trigger back to life.
If you are visionary and have a business idea or plan, but do not have a startup capital to reach your target goals; or you are already into a business, but need some capital to expand, the GEEP loan initiative is available to assist you in any of these.
The GEEP operates with four different categories for the benefit of every Nigerian.
These categories include:
- Trader Moni loan and Market mini loan
- Farmer mini loan
- Npower program.
The Federal Government GEEP initiative program is in collaboration with the above-mentioned programs: Trader Moni, Market Moni, Farmer Moni, and Npower Loan. Applications into this loan schedule are still in progress and available for all to apply.
Trader Moni and market moni: Small kiosk owners, meshai vendors, wheelbarrow pushers, grocery and foodstuff sellers, mobile cobblers, fruits sellers, bread sellers, mobile tailors, Keke rider, among others can apply for the scheme, as long as the applicants would adhere to the refunding policy to proceed to the next level in the initiative.
To participate in the market moni program, applicants must have their businesses registered with the Cooperate Affairs Commission(C.A.C) and must have an RC number.
Farmer moni: This is specifically for applicants who are engaged in agro-based activities like crop production, animal husbandry, aquaculture, harvesting, processing, and other value-added agricultural activities.
Forms for the Market Moni, trader moni, and Farmer moni are available; applications are currently ongoing through the application portal
For the Npower Application, this can be done only on the Npower official website. To register or apply, visit the official NPower registration portal.
Currently, the N-power GEEP Loan is available for all interested persons to apply using the guidelines and steps listed below.
Requirements to access the N-power GEEP loan
The following are the prerequisites to apply for the N-power GEEP loan
- All beneficiaries ought to pass a psychometric test, to get the GEEP loan through N-power.
- National Identity Number (NIN).
- Applicants must have their Bank Verification Number (BVN). If you do not have your BVN, or you have forgotten it, you can use the USSD code below to check your BVN using any mobile phone; *45665#
- Applicants must have a registered business with the Cooperate Affairs Commission (CAC).
- Applicants must be a member of an accredited market association. The applicants association must indicate her interest in market mini by submitting their information to BOI; it should include their Certificate of registration as a Market Association.
If your association is made eligible for the market Moni program, an agent will be sent to your group to secure your membership information for detailed assessment and verification.
How to Apply for N-Power GEEP Loan
After you are through with obtaining all the prerequisites, you can now proceed to complete your registration.
Visit the GEEP loan portal. This is the portal used in applying for the N-power GEEP loan.
Register on the portal and make a pick of your program of choice.
Wait for further instructions from the N-power support team.