FG Unveils N200bn Intervention Fund for Small Businesses and Manufacturers- Apply
Are you looking to start up loan or grants for your business? The Federal Government of Nigeria through the Ministry of Industry, Trade and Investment has launched the MSME and Manufacturing segment of the highly anticipated Presidential 200 Billion Naira Fund for business.
The government made revealed its commitment to strengthening the nation’s industrial sector and fostering an environment conducive to business growth.
The fund’s allocation is divided into two parts: 75 Billion Naira for Micro, Small, and Medium Enterprises (MSMEs) and another 75 Billion Naira earmarked for the manufacturing sector
This initiative follows the successful closure of applications for the Presidential Conditional Grant Scheme, which has already shown remarkable success by supporting 1 million nano businesses across Nigeria.
Through this fund, the government aims to provide much-needed financial assistance to MSMEs and manufacturers, enabling them to expand their operations, acquire modern equipment, and enhance their competitiveness in both domestic and international markets.
Loan Eligibility Criteria:
For MSME Loans up to 1 Million Naira:
A. Eligibility Criteria:
- Must be an existing business operational for at least one year or a registered start-up.
- Submission of Corporate Affairs Commission (CAC) business registration documents.
- Presentation of Company’s Bank Statement for existing businesses or Chief Promoter’s Bank Statement for start-ups.
- Fulfilment of required monthly turnover and compliance with other stipulated bank requirements.
B. Security:
- Provision of Personal Guarantee by the promoter.
- Agreement to Biometric Verification Number (BVN) Covenant.
- Adherence to Global Standing Instruction (GSI) and other prescribed securities by the bank.
C. Repayment Frequency:
- Monthly equal instalments with no moratorium, spanning a 3-year term.
For Manufacturers (For Loans up to 1 Billion Naira):
- Flexibility to choose between Working Capital or Asset Financing.
- Maintenance of at least a 6-month business/corporate banking relationship.
- Submission of additional documentation as specified by the bank.
Repayment Terms:
- Asset Financing: 5-year repayment period.
- Working Capital Financing: 6-month moratorium on principal and interest, followed by a 12-month equal instalment repayment plan.
To apply, please visit our official application portal at www.fedgrantandloan.gov.ng.
NOTE: NIN is a major requirement for the Federal Government Grants and Loans Scheme
- Loan applicants who have already filled the form should simply log in and update their loan application with their NIN
- Grants Applicants, who already filled the form, should update their NIN.
- If your NIN has been updated then you are good to go.
If you find this post useful, kindly share and subscribe.
Thanks for reading
Share this:
