FG, BOI releases link for small businesses, youths to apply for cheap loan

• The federal government has released an application portal for nano businesses to apply for its 75 billion MSME fund
• The fund is to help Eligible small business to apply for loans ad scale to be able to employ more Nigerians
• The loan will be repaid but at a very low interest rate compared to what commercial banks in the country 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.

Small businesses get a chance to apply for loan with low interest Photo credit: Richard Darko
Source: Getty Images

According to Amina said the fund plans to give N1million each at 9% interest rate for a period of three years without collateral.

He said the flexible loan aims to boost SMSEs in the country and improve the conditions of living of the people. 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 minimize 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.

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

Source: Legit.ng