FGN Special Intervention Fund for MSMES (National Enterprise Development Programme)

The Fund is a Federal Government of Nigeria initiative to provide subsidized loans to Micro, Small and Medium Enterprises (MSME) at single digit (9% per annum) all-inclusive interest rate.

PURPOSE/RATIONALE: The Fund is a Federal Government of Nigeria initiative to provide subsidized loansto SMEs at single digit (9% per annum) all-inclusive interest rate. The Fund is also to cater for applications received from SMEDAN under the National Enterprise Development Programme (NEDEP) Scheme.

Economic Rationale:The Fund is aimed at stimulating economic activity in the SME sub-sector being the major drivers of industrialization, wealth and job creation.

TARGET MARKET/CRITERIA: The Fund can be assessed by duly registered Limited Liability Companies, Enterprises and Cooperatives in Nigeria. Applications are received and processed at BOI State Offices.

PROJECTED IMPACT: The fund is to be utilized for SMEs engaged in manufacturing and agro-processing businesses with emphasis on value addition to local raw materials.

PROGRAM LIMIT: N5.0 billion

SINGLE OBLIGOR LIMIT: N20.0 million

PRICING Fees: Interest rate: 9% per annum (all inclusive)

TENOR: To be determined by the company’s cash flow in line with BOI standard practice.

MORATORIUM: 6 –12 months

FUNDING STRUCTURE: FGN MSME Fund: 100%.

DISBURSEMENT: Phased disbursement in accordance with agreed milestones.

REPAYMENT SOURCE: From the company’s operations

Application link: www.boi.ng/apply

Please share!!!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.