Have you heard about the FGN Special Intervention Fund for MSMEs (National Enterprise Development Programme)?
The Fund is a Federal Government of Nigeria initiative to provide subsidized loans to Micro, Small and Medium Enterprises (MSME) at single digit (9% per annum) all inclusive interest rate. The Fund is also to cater for applications received from SMEDAN under the National Enterprise Development Programme (NEDEP) Scheme.
Who can Apply for the FGN Special Intervention Fund for MSMEs?
The Fund can be assessed by duly registered Limited Liability Companies, Enterprises and Cooperatives in Nigeria.
Applications are received and processed at BOI State Offices.
- Payroll Support Registration
- Guaranteed Offtake Registration
- Nigeria Youth Investment Fund
What will the FGN Special Intervention Fund be used for?
The fund is to be utilized for SMEs engaged in manufacturing and agro-processing businesses with emphasis on value addition to local raw materials.
What is the Program Limit of FGN Special Intervention Fund for MSMEs?
The program limit for this fund is Five Billion Naira only (N5 Billion). This means that as soon as the Bank of Industries has given out loan of that amount to Nigerians the portal for application will be closed.
How much can I get from the FGN Special Intervention Fund for MSMEs?
You can get from 500,000 Naira to 20 Million Naira. As long as you meet the requirements you can apply for any amount you need for your business. Please note that this is not a grant, it is a loan, meaning you are expected to pay it back at the recorded time.
Note- The loan will be disbursed in phases in accordance with agreed milestones.
How long will it take before I repay the FGN Special Intervention Fund Loan?
The time you are to pay back the loan will be determined by your company’s / business cashflow in line with Bank of Industries (BOI) standard practice. Moratorium is 6-12 months.
How to Apply for FGN Special Intervention Fund Loan for MSMEs
If you have all it takes, you can apply for the FGN Special Intervention Fund by clicking on the link below
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