The Government Enterprise and Empowerment Program (GEEP) is a microcredit program initiated by the Nigerian government to empower small business owners and entrepreneurs in the country. The program is designed to provide interest-free loans to individuals with small businesses or those looking to start a new one. Among the several loan programs provided by GEEP, one of the most popular is the N50,000 GEEP loan.
The N50,000 GEEP loan is a loan offered by the Nigerian government to help small business owners grow their businesses. The loan is interest-free, meaning that borrowers do not have to pay any interest on the loan. The loan is repayable over a six-month period, with equal monthly installments.
To apply for the loan, one must meet certain criteria. First, one must have a registered business with the Corporate Affairs Commission (CAC). Second, the business must be at least six months old, and finally, the applicant must belong to a registered market association or cooperative society.
If you are a small business owner looking for funding to grow your business, the N50,000 GEEP loan is an excellent opportunity to take advantage of. However, it is not the only government loan available for small business owners in Nigeria. Here are three government loans you should also consider:
- Bank of Industry (BOI) Loan
The Bank of Industry (BOI) is a Nigerian government-owned development finance institution that provides loans to entrepreneurs and small business owners. The BOI loan is designed to help small businesses access affordable finance to expand their operations. The loan is available for new and existing businesses in various sectors of the economy.
The BOI loan is repayable over a maximum of five years, and interest rates are determined based on the risk level of the business. The loan amount ranges from N5 million to N10 million, depending on the size and needs of the business.
- Agricultural Credit Guarantee Scheme Fund (ACGSF)
The Agricultural Credit Guarantee Scheme Fund (ACGSF) is a Nigerian government-backed scheme designed to provide affordable credit to farmers and agribusiness owners. The scheme aims to increase agricultural productivity by providing funding for the acquisition of farm inputs, machinery, and equipment.
The ACGSF loan is available for farmers and agribusiness owners who have a minimum of two years of farming experience. The loan amount ranges from N100,000 to N50 million, with interest rates ranging from 5% to 9% per annum.
- Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) Loan
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is a government agency created to promote and develop small and medium-sized enterprises (SMEs) in Nigeria. The agency provides funding, training, and other support services to SMEs to help them grow and become more competitive.
SMEDAN provides loans to SMEs through its National Enterprise Development Programme (NEDEP). The loan is available for new and existing SMEs, and the amount ranges from N1 million to N10 million. The loan is repayable over a period of five years, with interest rates ranging from 5% to 10% per annum.