The Government Enterprise and Empowerment Programme (GEEP) fund 2024 by the Federal Government of Nigeria is ongoing. According to the organisers, it is a N50,000 fund established through the Social Investment Unit in the Office of the Vice President (OVP) to financially support market women, artisans, women cooperative societies, enterprising youths, small-scale farmers, agro-allied processors, and other Micro, Small, and Medium Enterprises (MSMEs) across Nigeria. Interested business owners are invited to apply for this low-interest loan.
BOI GEEP Loan 2024
The Bank of Industry (BOI) manages the GEEP Fund. BOI handles the distribution of the funds on behalf of the Federal Government. The bank disburses the funds directly to eligible beneficiaries under its Micro Enterprises Directorate. This process is done through both existing and new products developed by BOI to get the loan to those who need it.
GEEP Loan Application Eligibility Requirements 2024
To apply for a GEEP loan, applicants must meet the following requirements:
- Applicants must belong to a cooperative society or group that is registered at the state level.
- Applicants must be recommended for a loan by the leadership of their cooperative society or group.
- A valid Bank Verification Number (BVN) is required
- Applicants must have a verified trade or farming location
How to Apply for a GEEP Loan 2024
Below are the steps to follow to apply for GEEP loan:
- Go to any BOI location. The list of BOI locations can be found at www.boi.ng/our-locations
- To start the account opening process, you have to complete the account opening form
- Submit the required documents, including Shareholders’ Schedule, Certificate of Incorporation, Memorandum and Articles of Association, CAC 2.5 (Allotment of Shares), CAC 2.3 (Particulars of Directors), CAC 2.1 (Appointment of Company Secretary), Directors’ identification (international passport, driver’s license, or national identity card), and executive directors’ BVN
At the end of the BOI account opening process for the GEEP loan, a customer identification number will be created for the applicants. Once the account is opened, applicants can then apply for a loan.
GEEP Loan Disbursement: How to Get Yours
The loan application process requires the submission of specific documents. These documents include:
- A completed loan application form provided by BOI
- A formal letter on the company’s letterhead requesting the loan
- A detailed report on the project to be financed, which should contain information on technology, manufacturing processes, etc.
- Quotations/Proforma Invoices (for the supply of machinery, equipment, and raw materials)
- Bank Guarantee or Legal Mortgage
- Photocopies of property title documents, such as Statutory Certificate of Occupancy, Deed of Assignment, etc.
- If the business operates from rented premises, a copy of the lease agreement is required
- Three years of audited financial accounts for existing businesses, or a statement of affairs for businesses less than a year old
- Company’s bank statement for the past year
- NAFDAC certificates, Mining Leases, etc.
- A declaration of outstanding liabilities to other institutions or individuals
Eligible States for GEEP Loan
| State | State |
|---|---|
| Abia | Adamawa |
| Akwa Ibom | Anambra |
| Bauchi | Bayelsa |
| Benue | Borno |
| Cross River | Delta |
| Ebonyi | Edo |
| Ekiti | Enugu |
| Gombe | Imo |
| Jigawa | Kaduna |
| Kano | Katsina |
| Kebbi | Kogi |
| Kwara | Lagos |
| Nasarawa | Niger |
| Ogun | Ondo |
| Osun | Oyo |
| Plateau | Rivers |
| Sokoto | Taraba |
| Yobe | Zamfara |
| FCT (Abuja) |
GEEP Loan Approval Process
If the loan application is approved, BOI will disburse the funds. However, applicants still have to submit the following documents:
- Letter of Offer – (duly signed by a Director and Company Secretary, or two Directors)
- A formal acceptance of the loan offer.
- A resolution by the board authorizing the borrowing
- Return of the signed loan agreement
- Proof of payment for any applicable fees, such as appraisal, commitment, and legal fees
- Original proforma invoices for the approved items
- Four passport-sized photographs of the Chief Promoter and a Director
- Evidence of filing of Annual Returns and Tax Clearance Certificate (TCC) for the company, Chief Promoter, and Directors
- Bank Guarantee or Title Documents such as the Statutory Certificate of Occupancy
- A letter of undertaking to pay interest during the moratorium period
READ ALSO:
- Presidential Palliative Loan Programme Application
- NDDC Youth Internship Scheme
- Presidential Conditional Grant Scheme N50k Application
- NELFUND Student Loan Application Portal
- Tony Elumelu Foundation Grant
The maximum loan amount under the GEEP program is N50,000, with a tenor of 6 months. The interest rate is 0%, with a one-time administrative fee of 5% for MarketMoni and 2.5% for TraderMoni.
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