The Bank of Industry (BoI) has officially opened applications for the Federal Government’s N75 billion Micro, Small, and Medium Enterprises (MSME) Intervention Fund. This fund aims to provide much-needed financial support to small businesses across Nigeria.
The Nigerian Association of Small Scale Industrialists (NASSI) has welcomed this initiative, recognizing its potential to revitalize the MSME sector.
Amina Habu Mohammed, a representative from BoI, announced the start of the application process during a joint press conference with NASSI. The event, held in Abuja, focused on the MoU between the two organizations and the sensitization of MSMEs about the N75 billion fund.
Amina elaborated on the details of the N75 billion MSME Intervention Fund. She explained that the program aims to reach a staggering 75 million MSMEs, offering loans of N1 million each.
These loans come with a competitive interest rate of only 9% and a repayment period of three years. Notably, collateral won’t be required, making the application process more accessible for smaller businesses.
Ms. Mohammed emphasized the dual benefits of the fund. It aims to boost MSMEs across the country by providing them with the capital they need to grow. Additionally, by empowering these businesses, the initiative has the potential to improve the living conditions of Nigeriansby creating jobs and stimulating economic activity.
She concluded by directing potential applicants to the application portal located at https://fgnboimsmeinterventionloan.boi.ng/.
Following Ms. Mohammed’s remarks, Dr. Solomon Vongfa, the National President of NASSI, expressed his organization’s enthusiastic support for the program. He described the N75 billion fund as a beacon of hope for countless MSMEs that have previously struggled to access affordable credit. This initiative has the potential to be a game-changer for small businesses in Nigeria.
Applying for this loan is a breeze. Follow this step-by-step process to guide you through the journey of securing this loan:
- Apply Online: Complete the simple online application form.
- Verify Your Documents: Submit the necessary documentation to support your application.
- Awaiting Approval: The team will review your application and notify you of the decision.
- Funds Disbursed: Once approved, the funds will be directly transferred to your account.
To apply visit here...
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