The federal government has announced the launch of the N200bn Presidential Intervention Fund for Micro, Small and Medium Scale Enterprises and manufacturers in Nigeria.
The minister of Industry, Trade and Investment, Doris
Uzoka-Anite, made this announcement in a post on her X formerly Twitter page on
Monday.
Uzoka-Anite said that following the ongoing disbursements
targeted at supporting one million nano businesses across the country, the
government has decided to include both MSMEs and manufacturers in the
initiative.
The trade minister said the new grant will be recovered in
monthly equal instalments with no moratorium, spanning a 3-year term.
According to Uzoka-Anite, N75 billion will be distributed to
MSMEs while another N75 billion will be distributed to the manufacturing
industry under the Presidential Intervention Fund.
The statement read, “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 MSMEs and manufacturing sectors, aimed at boosting economic
growth and industrial development.
“This fund is strategically divided, dedicating N75 Billion
to MSMEs and another N75 Billion to the manufacturing sector.
“We are pleased to report that the initial disbursement to
nano businesses has been met with success, and we are well on our way to
supporting 1 million nano businesses throughout the country.
“Thousands of beneficiaries have already confirmed receipt
with many more to come,” Uzoka-Anite said.
The minister further invited eligible applicants to join the
initiative by visiting the official application portal at www.fedgrantandloan.gov.ng.
“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. A
comprehensive list of contact details can be found in the attached PDF
document.”
She further explained that loan eligibility for MSME loans
up to N1 million includes.
“The business must be an existing business in operation for
at least one year, or a registered start-up, Provide CAC business registration
documents, present the Company’s Bank Statement for existing businesses or the
Chief Promoter’s Bank Statement for start-ups, fulfil required monthly turnover
and comply with other requirements as specified by the bank.”
Others are, “Provide a personal guarantee of the promoter,
agree to BVN Covenant, adhere to Global Standing Instruction and other
securities as required by the bank.”
For Manufacturers, the applicant eligible for loans of up to
N1 billion will choose between working capital or asset financing.
“The business must maintain at least a 6-month
business/corporate banking relationship, and provide additional documentation
as required by the bank. Asset Financing comes with a five-year repayment
period, and Working Capital Financing includes a six-month moratorium on
principal and interest, followed by a 12-month equal instalment repayment
plan,” she added.
0 comments:
Post a Comment