FG, BOI Open Application Portal for Nigerians To Get Business Loan, Share Link
- The federal government has released an application portal for nano businesses to apply for its 75 billion MSME fund
- The fund is to help small businesses get funding to scale and be able to employ more Nigerians in their workforce
- The loan will be repaid but at an affordable interest rate compared to what commercial banks would have asked
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Bank of Industry (BoI) has launched an application portal for Nigerians to access the Federal Government’s N75 billion Micro, Small, and Medium Enterprises (MSMEs) Intervention Fund.
BoI representative Amina Habu Mohammed announced the start of the application process during a press conference on a Memorandum of Understanding (MoU) signed between the Nigerian Association of Small-Scale Industrialists (NASSI) and the Bank of Industry.
Source: Getty Images
According to Amina, the fund plans to give N1 million each at a 9% interest rate for three years without collateral.
He said the flexible loan aims to boost SMEs in the country and improve people's living conditions. The Nation reports.
FG begins accepting application
In his remarks, Solomon Vongfa, the national president of NASSI, described the N75 billion fund as a beacon of hope for countless MSMEs struggling to access affordable credit.
Vongfa said:
"I stand here today to express our deep gratitude to the Federal Government of Nigeria for its visionary launch of the N75 billion MSME Intervention Fund.
"This landmark initiative, in partnership with the Bank of Industry (BoI), reflects the government’s commitment to empowering Micro, Small, and Medium Enterprises (MSMEs) across the nation.
"The N75 billion MSME Intervention Fund is more than just financial support; it represents a beacon of hope for countless MSMEs that have faced challenges accessing affordable credit.
"This initiative will undoubtedly drive economic growth, create jobs, and fuel innovation."
He further revealed that the fund offers loans at competitive interest rates, making it easier for MSMEs to secure the capital needed to expand their operations.
Vongfa assured that the application process has been streamlined to minimise bureaucratic hurdles and ensure the timely disbursement of funds.
Qualified and interested Nigerians can apply with this link: https://fgnboimsmeinterventionloan.boi.ng/
FG approves N110 billion for youth startups
Legit.ng earlier reported that the Minister of Youth Development, Jamila Bio-Ibrahim, has disclosed that the Nigerian government has approved allocating N110 billion in capital startups and early growth stage businesses targeted at the youth demographic.
The minister said the approved funds would be channelled via the revamped Nigeria Youth Investment Fund (NYIF).
She stated that the partnership effort between her ministry and the Bank of Industry (BoI) will create a specialised NextGen Bank dedicated to growing youth entrepreneurs by providing access to loans and business support services.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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