Are you looking for money to start any business of your choice or to expand your existing business? Bank of Industry is the answer. Apply BOI FGN MSME Intervention Program 2024 (Get Up to N75 Billion).
The Federal Government’s N75 Billion MSME Intervention Program is aimed at supporting Micro, Small, and Medium Enterprises (MSMEs) across the nation.
BOI: FGN MSME Intervention Program 2024: This program is designed to empower Micro, Small, and Medium Enterprises (MSMEs) across Nigeria. Whether you’re looking to reduce production costs, create jobs, enhance agricultural productivity, or contribute to economic growth, this initiative is here to support you.
SEE: How to Apply Youth Empowerment Program 2024
The program presents opportunities for expanding MSME support and has paved the way for potential future partnerships between BOI and other financial institutions to ease access to credit for MSMEs further.
Benefits
- Low-interest loans enable MSMEs to access funds without facing the high costs typically associated with commercial bank loans.
- BOI’s training programs enhance the skills and knowledge of MSME owners, helping them manage their businesses effectively.
- Through business advisory services, MSMEs gain insights into market expansion and export opportunities.
- The program’s impact on job creation is significant, particularly in reducing youth unemployment and poverty.
Eligibility Criteria
To qualify for the FGN BOI MSME Intervention Program, applicants must meet the following criteria:
- You must be a registered Nigerian business with Corporate Affairs Commission (CAC) and valid business documentation
- Operate as a micro, small, or medium enterprise as defined by the Nigerian Small and Medium Enterprises Development Agency (SMEDAN).
- Show evidence of capacity for repayment
- Have a clear business plan or project proposal demonstrating the need for funding.
Loan Categories and Conditions
The BOI offers different types of financial assistance under the program to suit the diverse needs of MSMEs. The loan conditions are favorable, with relatively low-interest rates and options for long-term repayment plans.
Loan Types
- Term Loans: This is the most common type of loan under the program, which helps MSMEs purchase equipment, expand their facilities, or meet other long-term needs.
- Working Capital Loans: Designed to help MSMEs manage day-to-day operations like inventory purchases, staffing costs, and other operational expenses.
- Asset Acquisition Loans: For MSMEs needing to purchase new assets or upgrade their current machinery or equipment.
- Microloans: Targeted specifically at micro-enterprises or smaller businesses that require modest funding to start up or grow.
Loan Conditions
- Interest rates typically range between 5% to 9%, depending on the type of loan and sector.
- A flexible repayment period, ranging from one to five years, depending on the loan amount and project feasibility.
- Collateral requirements vary; microloans may require minimal or no collateral, while larger loans may need property or equipment as security.
- Applicants must provide evidence of business registration, tax identification, and a bank statement, along with a business plan for higher loan amounts.
How to Apply FGN MSME Intervention Program 2024
Interested MSMEs must complete an online application form on the BOI website https://fgnboimsmeinterventionloan.boi.ng
NOTE:
The FGN BOI MSME Intervention Program is a transformative initiative for Nigerian businesses, providing crucial financial and technical support to stimulate growth.
By offering accessible funding, training, and advisory services, the program empowers MSMEs, strengthening Nigeria’s economy, fostering innovation, and creating jobs.
For MSMEs willing to engage in sustainable practices and scale their operations, the FGN BOI MSME program serves as a vital resource in their journey to success.
