Apply Now: FG Loans for MSMEs and Manufacturing Sector Application Portal Now Open This is to inform the general public that the Federal Government of Nigeria through the Federal Ministry of Industry, Trade and Investment has launched the MSME and Manufacturing Segment of the Presidential 200 Billion Naira Fund
The office of the Ministry of Industry, Trade, and Investment announced on Monday a new initiative aimed at enhancing economic growth and industrial progress. As per the ministry, a sum of N75 billion has been earmarked for supporting both MSMEs and the manufacturing sector.
The Federal Government of Nigeria is proud to announce the operational launch of the MSME and Manufacturing segment under the prestigious Presidential 200 Billion Naira Intervention Fund. With applications for the Presidential Conditional Grant Scheme now closed, we are excited to move forward with the loan disbursement process for the MSME and Manufacturing sectors, aimed at boosting economic growth and industrial development.
This fund is strategically divided, dedicating 75 Billion Naira to MSMEs and another 75 Billion to the manufacturing sector. We are pleased to report that the initial disbursement to nano businesses has been met with success, and we are well on our way to supporting 1 million nano businesses throughout the country. Thousands of beneficiaries have already confirmed receipt with many more to come.
We invite eligible enterprises to join this transformative initiative. To apply, please visit our official application portal at www.fedgrantandloan.gov.ng. Additionally, applicants seeking more detailed information should visit their local state Bank of Industry branch. A comprehensive list of contact details can be found in the attached PDF document.
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 Company’s Bank Statement for existing businesses or Chief Promoter’s Bank
Statement for start-ups.
- – Fulfil required monthly turnover and comply with other requirements as specified by the bank.
B. Security:
- – Provide a Personal Guarantee of 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 instalments with no moratorium, spanning a 3-year term.
- For Manufacturers (For Loans up to 1 Billion Naira):
- – Choose between Working Capital or Asset Financing.
- – Maintain at least a 6-month business/corporate banking relationship.
- – Provide additional documentation as required by the bank..
- – Asset Financing comes with a 5-year repayment period, and Working Capital Financing includes a 6-month moratorium on principal and interest, followed by a 12-month equal instalment repayment plan.
Let us join hands in empowering our industries, creating jobs and sustaining our economy.
Your business growth is integral to our nation’s progress.
Thank you.
Office of the Honourable Minister of Industry, Trade and Investment
The loan initiative, spear headed by the Federal Ministry of Industry, Trade, and Investment, and facilitated by the Bank of Industry (BoI), serving a collaborative effort to drive grassroots change. Together, government agencies and financial institutions aim to simplify access to vital resources, empowering entrepreneurs to overcome obstacles and realize their business ambitions.
Through strategic partnerships and targeted interventions, the initiative addresses challenges faced by small business owners, providing them with necessary tools and support to thrive in competitive markets.
By offering affordable financing, capacity-building programs, and mentorship opportunities, the initiative catalyzes positive transformation in Nigeria’s entrepreneurial landscape, fostering sustained economic growth and shared prosperity.
As the initiative gains traction and expands its reach, its impact resonates across the country, leaving a lasting impression on Nigerian society. Investing in small businesses today lays the groundwork for a brighter future, where entrepreneurship flourishes, opportunities abound, and individuals can pursue their dreams.