FGN Special Intervention Fund for MSMEs – This is an initiative of the Federal Government of Nigeria with the aim of providing financial assistance in form of loans to Micro, Small, and Medium Enterprises (MSMEs) with only an interest rate of 9% per annum.
The special intervention fund was created to help improve the quality of the Nigerian economy as it is designed to grow enterprises that are still in their days of little beginnings.
Reason for Special Intervention Fund for MSMEs
- To take care of the applications received from SMEDAN under the NEDEP Scheme.
- Provision of loans to MSMEs at single digit (9% per annum).
- To encourage wealth creation, industrialization and the creation of jobs in our economy.
Facts About the Scheme
Below are some things you are required to know about this initiative before you apply for it:
- Only Enterprises, Limited Liability Companies, and Cooperatives in Nigeria can be granted access to this fund.
- Your application for the funds is solely received and processed at BOI State offices.
- The interest rate is 9% per annum.
- The loan is aimed at being used for SMEs which are involved in agro-processing and manufacturing.
- The program limit is N50 billion.
- The Single Obligor limit is N20 million.
- The Federal Government of Nigeria solely funds this programme.
- Repayment source is gotten from the operations of the company or enterprise.
- The moratorium is between 6 to 12 months
If you have gone through the facts above, it’s time for you to apply. Kindly visit www.boi.ng/apply to enroll for this scheme. It promises to be a game-changer for your business. Everyone delights in the expansion of their business. So, don’t allow this pass you by. Imagine getting a loan of up to N20 million with an interest of just 9% per annum. This is indeed an opportunity to become the next big thing in your business line.
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