2024 Federal Government (FG) Loan Disbursement For MSME And Manufacturing Sector In Nigeria

Published: 23 Apr 2024 1,861 views

The federal government says it has commenced the loan disbursement process for micro, small and medium enterprises (MSME) and manufacturing sectors.

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.

We invite eligible enterprises to join this transformative initiative. To apply, please visit our official application portal at www.fedgrantandloan.gov.ng.

FGN Loan Disbursement For MSME And Manufacturing Sector

Application Deadline	Not Specified
Country to study	Nigeria
Type	Entrepreneurs
Sponsor	Federal Government of Nigeria
Gender	Men and Women

Requirements for FGN Loan Disbursement For MSME And Manufacturing Sector

• 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 the required monthly turnover and comply with other requirements as specified by the bank.

SECURITY

• Provide a personal guarantee of the promoter.
• Agree to bank verification number (BVN) covenant.
• Adhere to global standing instruction (GSI) and other securities as required by the bank.

CRITERIA FOR MANUFACTURER LOANS UP TO N1B

• Choose between working capital or asset financing.
• Maintain at least a 6-month business/corporate banking relationship.
• Provide additional documentation as required by the bank.
• Asset financing comes with a 5-year repayment period, and working capital financing includes a 6-month moratorium on principal and interest, followed by a 12-month equal instalment repayment plan.

Selection Process

The Federal Government will collaborate with the State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members, who will use the Federal Government’s selection criteria below to shortlist the beneficiaries from their constituents.

The target beneficiaries are 70% women and youth, 10% people with disabilities, and 5% senior citizens, while the remaining 15% is distributed to other demographics.

Application Deadline

Not Specified

How to Apply

Interested and qualified? Go to Federal Government of Nigeria on loan.fedgrantandloan.gov.ng to apply