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What You Should Know About Geep's Interest-free Loan - Business - Nairaland

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What You Should Know About Geep's Interest-free Loan by Tariqoboh: 4:37pm On May 10, 2022
One of the five NSIP programs is the Government Enterprise Empowerment Program (GEEP). GEEP was established in 2016 with the goal of providing interest-free and collateral-free lending to Nigeria's millions of Micro Small and Medium Enterprises (MSMEs). So far, the initiative has used three loan products to help small and medium-sized businesses.

The program's current loan products are MarketMoni, TraderMoni, and FarmerMoni.

1. MarketMoni: MarketMoni was GEEP's initial loan product. It's a 6-month interest-free loan for small businesses under the aegis of their cooperative societies or market organizations, starting at N50,000 ($139). This loan product has aided small business owners in expanding their operations while providing a convenient repayment schedule.

2. TraderMoni: This is GEEP's entry-level lending product. It's a 6-month interest-free loan for modest traders and artists, starting at N10,000 ($28). This loan is for the everyday market trader who makes a living off of what they sell on a daily basis and has a product inventory of N2,000 to N5,000. This loan gives them a systematic strategy to increase their inventory while repaying the debt right away. The majority of those who benefit from this loan are first-time borrowers from a formal financial institution.

Read more..https://digitalskil.com/what-you-should-know-about-geeps-interest-free-loan/

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