List of Beneficiaries of FGN BOI MSME Intervention Programme (Up to N1 Million )

The Federal Government has approved the numbers of Beneficiaries that will benefit from BOI MSME Intervention Programme across the 36 state of the federation. The 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. Read through.

Apply for FGN BOI MSME Intervention Programme 

The program functions in the following area:

• Reduce Production Costs: Lower your operating expenses and increase profitability with our targeted support for MSMEs
• Support Business Growth: Fuel your entrepreneurial dreams with tailored business financing solutions that drive growth and innovation.
• Job Creation: Generate employment opportunities and contribute to a stronger, more resilient economy.
• Enhance Household Welfare: Improve the quality of life for families across the nation by boosting household income and welfare.
• Boost Agricultural Productivity: Invest in your agricultural ventures to maximize the potential of your land and increase food production.
• Drive Economic Growth: Make a positive impact on Nigeria’s GDP and overall economic development through your business activities.

The authority of the program has begin to send the invitation messages to shortlisted candidate through the channel,  email and registered phone number used during registration , So if you had applied, check your email inbox and SMS. The message will contained

Dear Mr

Welcome to the MSME Intervention Loan Portal! Your account has been successfully created.

You are now required to provide additional information to complete your application. Please use the following credentials to log in:

Upon logging in for the first time, you will be prompted to change your password. Your prompt action in completing your information is crucial to ensure the swift processing of your application.

For enquiries, please contact:

Contact us via Email:
customercare@boi.ng

Contact us via Phone:
0700 055 1111
0700 225 6264

Best regards,

FGN MSME Intervention Loan Team

For those that received the message below are the requirement needed to complete the registration.

Documents Needed:

• CAC Certificate
• Complete CV
• Tax Identification
• NIN
• BVN
• Proof of Business Address (NEPA Bill)
• Proof of residential Address (NEPA Bill)
• Bank Details
• Next of Kin
• (1) Guarantor

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.