How to Apply for the FG/BOI 75 Billion Intervention Fund for MSMEs

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:
  •  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