The Nigerian government has officially launched the MSME and Manufacturing segment of the Presidential 200 Billion Naira Intervention Fund. Announced by the Federal Ministry of Industry, Trade and Investment yesterday, 22nd of April 2024,
With applications for the Presidential Conditional Grant Scheme now closed, the focus shifts to the loan disbursement process aimed at catalyzing economic growth and industrial development.
Allocating 75 Billion Naira each to MSMEs and the manufacturing sector, the initiative has already seen success with the initial disbursement to nano businesses. Plans are underway to support 1 million nano businesses nationwide, with thousands already confirming receipt of funds.
Eligible enterprises are encouraged to apply through the official portal or seek further information at their local Bank of Industry branch.
Detailed eligibility criteria including business registration documents and bank statements are outlined, with repayment structured over a 3-year term with monthly instalments.
Loan Eligibility Criteria (For MSME Loans up to 1M Naira):
A. Eligibility Criteria:
Must be an existing business in operation for at least one year, or a registered start-up.
Provide CAC business registration documents.
Present the Company’s Bank Statement for existing businesses or the Chief Promoter’s Bank Statement for start-fulfill required monthly turnover and comply with other requirements as specified by the bank.
B. Security:
Provide a Personal Guarantee for the promoter.
Agree to BVN Covenant.
Adhere to Global Standing Instruction (GSI) and other securities as required by the bank.
C. Repayment Frequency:
Monthly equal installments with no moratorium, spanning a 3-year term.
