How to Register/Apply for Federal GEEP Loan 2020/2021 through Bank of Industry Loan Application

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Federal GEEP and Bank of Industry Loan 2020/2021 Application- This post talks about the steps on how to successfully register and apply for the Federal Government Enterprise and Empowerment Programme (GEEP) 2020/2021 which is collaboration with Bank of Industry.

Here you will know about the requirements involved to get a free collateral loan through Federal Government Enterprise and Empowerment Programme (GEEP)

N10 billion was allocated to Bank of Industry (BOI) as ‘Grants to BOI to support low interest loan to SMEs’.

About GEEP – Government Enterprise and Empowerment Programme was established by the FG to create financial empowerment for Co-operative societies, traders and Artisans within the country.

Objectives of Federal GEEP and Bank of Industry Loan: To provide access to credit up to 1.6 Million Nigerians MSMEs’ and Youths

GEEP loan distribution path way: GEEP Loans funds will be disbursed through BOI (Bank Of Industry) a financial institution saddled with the responsibility of managing the funds for on-lending.

GEEP loan categories

Trader moni loan
Market moni loan
Farmer moni loan

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Who is qualified for GEEP Loan 2020/2021

Applicants for Trader Moni and Farmer Moni

The GEEP Loans to Beneficiaries under the Trader Moni guidelines is N10,000. Upon payment of the first loan, the individual qualifies for a higher amount. The maximum amount allowed is N100,000.

At the first stage, N10, 000 can be collected without Biometric Verification Number (BVN) or bank account, the borrower must have a BVN and a bank account for the next set of loans.

Applicants for Market Moni

Applicants must be a member of an accredited market association
Association executive must give consent and indicate maximum loan amount
Must have BVN linked to account to be disbursed to
Must be either a trader or artisan
Must be Nigerian

Criteria for Federal GEEP Loan

Confirm from your association, cooperative or trade group leadership that they are registered at the State or National (CAC) level.
Get your association, cooperative or trade group to register for BOI accreditation on boi.ng/marketreg.
Your association, cooperative or trade group should send an email to BOI at GEEP-States@boi.ng to confirm the completion of steps 1 and 2 above and include a copy of the group’s State/National registration certificate.
BOI will engage with your association, cooperative or trade group to validate registration. MarketMoni agents will, thereafter, visit your group to register you for loan consideration.