FG begins loan disbursement to businesses, manufacturers

“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”

The Federal Government has commenced the loan disbursement process for micro, small, and medium enterprises (MSME) and manufacturing sectors in the country.

The initiative aims to promote economic growth and industrial development, according to a statement from the Ministry of Industry, Trade, and Investment that Persecondnews obtained on Monday.

It stated that the Federal Government has dedicated N75 billion for micro, small, and medium enterprises and another N75 billion for manufacturers.

“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 nanobusinesses has been met with success, and we are well on our way to supporting 1 million nanobusinesses throughout the country.

“Thousands of beneficiaries have already confirmed receipts, 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.”

HOW TO APPLY
Log onto https://loan.fedgrantandloan.gov.ng/.

Create an account by signing up with your basic details.

Provide your business information.

Provide the necessary documents about your business.

Provide information about what the loan will help your business with.

If you meet the eligibility criteria, your bank will handle the loan disbursement.

CRITERIA FOR MSME LOANS UP TO N1 million
ELIGIBILITY CRITERIA
Must be an existing business in operation for at least one year or a registered start-up.

Provide the CAC business registration documents.

Present the company’s bank statement for existing businesses or the chief promoter’s bank statement for start-ups.

Fulfill the required monthly turnover and comply with other requirements as specified by the bank.

SECURITY
Provide a personal guarantee from the promoter.

Agree to the bank verification number (BVN) covenant.

Adhere to global standing instructions (GSI) and other securities as required by the bank.

REPAYMENT FREQUENCY
Monthly equal instalments with no moratorium, spanning a 3-year term.