Apply for FGN BOI N75 Billion MSME Intervention 2024/2025

The application portal for the federal government’s N75 billion ($45.63 Million) Micro, Small, and Medium Enterprises (MSMEs) Intervention Fund is now available, according to the Bank of Industry (BoI). The Nigerian Association of Small Scale Industrialists (NASSI) and the BoI jointly announced this during a news conference on Monday.

According to Amina Habu Mohammed, the BoI spokesperson, the fund aims to provide 75 million SMSEs with no collateral for three years at a 9% interest rate and N1 million apiece. She added that the application portal is available online and that the loan’s goals are to improve the nation’s MSMEs and citizens’ quality of life.

For some MSMEs that have been having difficulty obtaining reasonably priced loans, the N75 billion intervention fund is a ray of light, according to Dr. Solomon Vongfa, National President of NASSI.

The government’s steadfast dedication to empowering Micro, Small, and Medium Enterprises (MSMEs) throughout the country is demonstrated by this historic program, which was implemented in collaboration with the Bank of Industry (BOI),” he stated.

The N75 billion ($45.63 million) MSME intervention fund is more than just a financial injection; it is a beacon of hope for countless MSMEs that have been struggling to access affordable credit.T

he fund will provide technical assistance and capacity-building programs to help MSMEs improve their business practices and enhance their competitiveness.

“As the Nigerian Association of Small-Scale Industrialists, we are committed to playing a pivotal role in sensitising MSMEs about this groundbreaking initiative. We will organise workshops, seminars, and outreach programmes to educate entrepreneurs about the eligibility criteria, application process, and benefits of the fund in partneship with BOI across the 36 states.

The BOI/FGN ₦75 billion intervention fund’s Purpose and Benefits

The fund provides special advantages to MSMEs in manufacturing and agro-processing.
Subsidized Interest Rate: This fund offers a single-digit interest rate of 9% annually, making it a cost-effective source of funding for company growth.
Job Creation and Skills Development: With a goal of creating 5 million jobs worldwide, NEDEP, which is supervised by SMEDAN, places a strong emphasis on entrepreneurship training, skill development, and financial accessibility.
Enhanced Local Production: This fund supports local resources and raises productivity in Nigeria by emphasizing value addition.

Requirements for the FGN BOI Loan

In other to be eligible for the BOI/FGN 75 Billion Fund, interested applicants must:

Have a Registered Business: Only duly registered Limited Liability Companies, Enterprises, and Cooperatives can apply.
Operate in Targeted Sectors: The fund is designated for businesses in manufacturing and agro-processing that focus on adding value to local raw materials.
Maximum Loan Amount: Eligible businesses can access up to ₦20 million, depending on their needs and BOI’s assessment.

How to apply for the FGN BOI Intervention Fund

1. Submit Your Application Online

Visit the FGN BOI official website to access the online application form.
Fill in the necessary details, such as Email, Business Registration Number (CAC), Company Name, Business Type (e.g., Sole Proprietorship, Limited Liability), Location and Phone Number.

2. Document Verification

Attach supporting documents, which may include:

A copy of your company’s Certificate of Incorporation (CAC Certificate)
Business plan detailing your project, goals, and how the funds will be utilized
Financial statements and records
Tax identification numbers and records

Verification will ensure all provided information aligns with BOI’s standards.

3. Loan Approval

Once your documents are verified, BOI will assess your application.
Approval is based on the credibility of the documents and the fund’s purpose alignment with the NEDEP program.
If approved, BOI will notify you of the next steps via email or contact number provided.

4. Fund Disbursement

Upon approval, BOI disburses the funds directly to the designated bank account.
Ensure the account details provided are accurate to avoid disbursement delays.

The FGN BOI 75 Billion ($45.63million) Intervention Fund’s main benefits

Lower Production Costs: By reducing operating expenses, the fund enables MSMEs to boost their profit margins.
Increased Agricultural Productivity: To increase output and food security, the fund helps agro-processors invest in high-yield machinery and techniques.
Economic Impact: As more businesses are up and running, the initiative increases household welfare, creates jobs, and boosts Nigeria’s GDP.

ALSO READ: High Paying Jobs In USA For Foreigners – Earn $35,000 Monthly

Tips for a Successful Application

To increase the chance of approval:

Prepare a Detailed Business Plan: Outline how the loan will contribute to your business’s goals and impact the community.
Maintain Accurate Records: Keep financial documents and tax records up-to-date, as they may be requested for verification.
Follow Up: Regularly check your email and contact BOI offices if you encounter delays.

The BOI/FGN ₦75 Billion ($45.63 million) Intervention Fund provides an unparalleled opportunity for Nigerian MSMEs to expand and innovate. Whether you’re in manufacturing or agro-processing, this fund can give your business the financial push it needs to thrive.

By following this streamlined application process, you can set your enterprise on a path toward growth and stability.

Now That you are satisfied, You can click HERE to Apply

whatsapptelegram

Post Views: 1