The current minister of Industry, Trade & Investment in Nigeria Dr Doris Nkiruka Uzoka-Anite recently made a tweet to disclose that the Federal government of Nigeria has commenced accepting applications for the disbursement of 200 billion naira loans to Micro, Small and Medium Enterprise alongside businesses into big manufacturing that need working capital or debt financing.
Registration for the loan starts with creating account in the verified website for the grant and loan approved website by FG then proceeding with information of the company seeking loan such as providing Certificate of incorporation, Status report & necessary documents certified by the Corporate Affairs Commission (CAC), selecting the loan category, providing details of the directors of the company with BVN, NIN and others. There is equally a column for business bank account details from the approved banks.
Applicants have the choice of doing their application online or visiting any branches of Bank of Industry to carry out the loan application process.
The Minister disclosed equally that the Federal government of Nigeria had kicked off the disbursement of fifty thousand naira grants for Nano businesses selected across the 774 Local Government areas in Nigeria which approach for the grant is closed.
Speaking further, she said that those who haven’t gotten their own money will receive it during the week and the coming week once their application was successful or selected for the grant.
75 Billion for MSMEs and 75 Billion for Manufacturing is the allocation of funds which MSMEs can secure funding up to one million naira while manufacturers can secure up to one billion naira.
The Minister called on patriots to help in strengthening industries, creating jobs and drive national progress as business growth is very vital for Nigeria’s future.
Those interested in the loan are told to visit fedgrantandloan.gov.ng
Startup businesses,existing businesses and businesses into manufacturing can all access the loan application process but funding is limited per category or segment.
Start-up businesses can’t access up to one million naira while existing businesses can borrow up to one million naira with 9% interest for a maximum of 36 months of the loan repayment.