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MarketMoni Loan Application: How to Apply for MarketMoni Loan

Gudtalent Chrisent

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MarketMoni Loan Application

FG MarketMoni Loan Application Guide

The MarketMoni is a program unprecedented in Nigeria’s recent history. The program grants interest-free credit facilities to existing microenterprises of market women and traders, enterprising youth, artisans, and agricultural workers.

The scheme is from the National Social Investment Office and the initiative is targeted at expanding the scope and scale of economic opportunity for the financially vulnerable of Nigerians. The Federal Government is executing MarketMoni through the Bank of Industry (BOI), a parastatal of the Federal Ministry of Industry, Trade and Investment.

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How MarketMoni Loan of Federal Government Really Works

Majority of loan applicants will be confused about this social intervention program by the Federal Government and will always ask is this real or fake but i strongly assure you the program is very real and many beneficiaries have testified to that.

More so, Lucky applicants will receive loans ranging from N10,000 to N100,000 per applicant for 6 months. The loan attracts no interest except a one-time 5% administrative fee that you will pay that’s all.

At the moment, over 24,000 Nigerians have benefited from MarketMoni.

The MarketMoni Loan by Federal Government has been exiting in thirteen (13) states in Nigeria, which are: Oyo, Ondo, Osun, Abuja, Akwa Ibom, Adamawa, Delta, Ekiti, Kwara, Kogi, Niger, Ogun and Lagos and was recently extended to plateau, Jigawa and Kebbi state.

Related: Major Business loan givers in Nigeria

MarketMoni Terms and Conditions involved

Every program has its own policies and MarketMoni has its own terms. So, before making any move to apply for MarketMoni loan, you need to know the terms that is involved, below is MarketMoni Terms and Conditions

  • Loan Tenor: 6 Months
  • Weekly repayment with a two week grace period
  • Administrative Fee of 5% (No other charges)

MarketMoni: Requirements for MarketMoni Loan

  • You must have a valid BVN (Bank Verification Number)
  • You must belong to a registered and accredited market association, cooperative group or trade group
  • Your market association, cooperative or trade group must nominate you for the loan and must be willing to stand in as your guarantor before you apply
  • TO get MarketMoni loan, Your market association, cooperative or trade group must be registered with BOI (Bank of Industry)
  • You must have a physical business location which will be verified by MarketMoni agents before you can successfully be given the loan.

Related: How to get Business loan without collateral in Nigeria

How to Apply for MarketMoni Loan of Federal Government

  1. Kindly visit the MarketMoni loan application webpage at via apply.marketmoni.com.ng

marketmoni loan website

  1. Now, download the MOU Template (one per co-operative)
  2. Download the Excel Sheet (one per co-operative) so you can provide your members’ details
  3. Fill the MOU template and Excel sheet carefully with the right information
  4. Come back to the page webpage above and submit your MOU and Excel sheet.

marketmoni loan

Market Moni Agents In Nigeria

You can view the list of market money agents per state in Nigeria at :  http://marketmoni.com.ng/agent-network/

Micro, Small and Medium businesses are the bedrock of the Nigerian economy.
The facts are clear: Nigerian has over 77 million MSMEs today, employing over 60 million of our people and contributing about 85% of our total labor force in the country. In its resolve to support and accelerate economic activity of MSMEs, the Federal Government has established MarketMoni.

MarketMoni, also known as the Government Enterprise and Empowerment Program (GEEP), issues interest-free loans to market women and traders, artisans, youth and farmers. It one of the social intervention programs of the Federal Government, and is being executed by the Bank of Industry. MarketMoni has kicked of disbursements to its early set of beneficiaries is expanding across the country.

And the testimonies are rolling in from beneficiaries all over the country!

The Federal Government believes in the inherent capacity of every Nigerian; young or old, literate or illiterate to contribute immensely to the country’s economy. And so, the Federal Government is focused on economic empowerment of its people.

The Federal Government identifies with Nigerians working hard to keep their businesses afloat, and will continue to expand economic opportunity for every-day Nigerians.

Good luck and best wishes and you apply for MarketMoni loan of Federal Government.

Best of Luck.

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Full Biography And Net Worth Of Elon Musk

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Elon Musk Overtakes Jeff Bezos To Become The World’s Richest Person

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What Are The 4 Types of Entrepreneurs?

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When you know the different types of entrepreneurs, you will be able to decide which one you want to be and how to go about it or improve on it. The truth is that the world of entrepreneurship has been booming recently. With so many budding and well-established entrepreneurs out there. Entrepreneurship involves so much work and commitment. You must also possess certain skills if you want to be successful as an entrepreneur. Many individuals venture into this field just because they want to be their own boss but it is worth noting that entrepreneurship is much more than that.

Whether you are just starting out or you are already an entrepreneur, you need to know the kind of entrepreneur you are or you wish to be. If you feel stuck and not making much progress in your business, knowing the type of entrepreneur, you are can give you the clarity you need to move forward in your business.

The 4 Types of Entrepreneurs

This article explains the 4 major types of entrepreneurs we have.

  1. The Hustler Entrepreneur
  2. The Innovative Entrepreneur
  3. The Imitative Entrepreneur
  4. The Research Entrepreneur

(1) The Hustler Entrepreneur

These types of entrepreneurs are always goal-driven and very determined to achieve their very goals. They are the kind of entrepreneur that have not made it yet but eventually will. To start and grow a business successfully, one needs a lot of resilience. It can be a very difficult task especially if you do not have the necessary capital to start. You would also need to be very patient and able to see the big picture.

Hustlers don’t seem to worry about the problems they encounter on the way, because they see them as stepping stones to greater things. They tend to start small and gradually work their way to the top, willing to do whatever it takes as they climb the ladder of success.

A hustler believes that hard work is more important than capital when starting a business. Their work ethic is simply off the charts, though they are prone to burn out due to intense work.

(2) The Innovative Entrepreneur

An innovative entrepreneur introduces new ideas into the system. They come up with new and better ways of doing things and them into a viable business. Discovering a new market, a new method of production, and eventually reorganizing the enterprise. Their major drive is to make life better and easier for people and in doing so they create a business around their innovative idea. Innovators always look for a way to make their products look unique in the eyes of customers and make their company stand out.

Although these types of entrepreneurs require a lot of capital to bring their innovative ideas to life and often experience resistance from shareholders. They also enjoy all the glory that comes with the success they achieve in the process of implementing their new ideas. They create the rules and often do not have to worry about competitors during the initial stage of establishing their business. With a strong belief in their new ideas, they tend to achieve success though it might take a while.

(3) The Imitative Entrepreneur

Unlike hustlers, imitators just copy certain business ideas and build their own from there. They also tend to improve on the business ideas by making the product better or just doing something else that the parent business is not doing. They combine both the qualities of an innovator and a hustler. Even though the idea is not originally their own, they are willing to work hard, make the business better, and rake in large profit from it. They are known to possess a lot of self-confidence and are very determined.

While some do this by modeling after someone else’s business, others just copy everything exactly the same way. You see them use the same website, same theme, business cards, and even similar logos. This might seem like an easy way out, instead of thinking of their own original idea. But copy cats are always faced with the problem of competition and being compared to their parent business. Modeling is a better way, in which you figure out what works and apply it in relevance to your business.

(4) The Research Entrepreneur

Preparedness is key to these types of entrepreneurs. So, they spend a lot of time gathering all the needed information about any business they want to start. They look at every possible scenario, challenges they may encounter, and the strategies they would use to start the business.

With adequate preparation, they believe failure is not an option since they would have already looked at every possible pitfall likely to be encountered in the business. They would make sure they fully understand all that the business is about before even launching it, this makes them spend a lot of time in the decision-making process.

While it is a good approach to have a good deal of the business and financial plan of a business figured out, a researcher might be stuck in the decision-making stage for a long time and eventually end up not making it to the implementation state.

Conclusion

From the list above, have you been able to figure out the type of entrepreneur you are? Entrepreneurship requires hard-work no matter the type of entrepreneur you are. Whether you imitate or innovate, you still need to do a ton of work to make your business stand out and achieve notable success in any field you choose. Leverage the freedom that comes with being an entrepreneur and find out what works for you. List out your goals for your business and strive to reach them.

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