The Bank of Industry (BOI), in collaboration with the Federal Government of Nigeria (FGN), has introduced a groundbreaking ₦75 billion intervention fund. Designed to empower Micro, Small, and Medium Enterprises (MSMEs) across the country, this fund provides subsidized loans at a 9% annual interest rate. It aims to drive growth in manufacturing and agro-processing, promote the use of local raw materials, and create jobs under the National Enterprise Development Programme (NEDEP). Here’s a simple guide for eligible MSMEs to access this vital support.
1. Aim of this ₦75 Billion Intervention Fund
The fund targets MSMEs in manufacturing and agro-processing, offering unique benefits:
- Subsidized Interest Rate: A single-digit interest rate of 9% per annum makes this fund an affordable financing option for business expansion.
- Job Creation and Skills Development: NEDEP, overseen by SMEDAN, emphasizes skill acquisition, entrepreneurship training, and access to finance, aiming to create 5 million jobs nationwide.
- Enhanced Local Production: By focusing on value addition, this fund supports local resources and enhances productivity within Nigeria.
2. Eligibility Criteria
To qualify for the BOI/FGN 75 Billion Fund, applicants must:
- Be 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.
3. Step-by-Step Guide to Applying for the BOI/FGN Intervention Fund
Step 1: Submit Your Application Online
- Visit the BOI’s official website to access the online application form.
- Fill in the necessary details, such as:
- Â Email
- Business Registration Number
- Company Name
- Business Type (e.g., Sole Proprietorship, Limited Liability)
- Location and Phone Number
Step 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.
Step 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.
Step 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.
4. Tips for a Successful Application
To increase the likelihood 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.
To APPLY
You can click HERE
