April 11, 2024
Apply right away for a BOI FG loan.

Apply right away for a BOI FG loan.

Apply right away for a BOI FG loan.. The Federal Government of Nigeria, through @TradeInvestNG, has established three funds totaling N200 billion to support businesses around Nigeria. They are listed in the following order:

  • The Presidential Conditional Grant Scheme is known as PCGS.
  • The FGN Manufacturing Sector Fund for the FGN MSME Intervention Fund.

What you ought to know about each source of funding

Overview of the BOI FG loan Grant Program

  • A N50 billion prize scheme for owners of qualifying nanobusinesses.
  • The entire country’s LGAs as well as the Federal Capital Territory’s six council districts are covered by this.
  • Requires registering a business name, being prepared to hire more staff, and being the owner of a nanobusiness.
  • Needs proof of residency, business address, bank account, and personal information.

Note: Recipients are not required to repay.

Fund for MSME Intervention in FGN

  • A N75 billion fund will support Nigerian MSMEs.
  • protects against expensive production, marketing, and distribution expenses.
  • N1,000,000 maximum for each beneficiary.
  • Over a three-year period, the funds were used for equipment and working capital.
  • Annual interest rate: 9%.

Overview of the FGN Manufacturing Sector Fund

  • A N75 billion fund to help with the growing expenses of product distribution, marketing, and manufacturing.
  • Beneficiaries could receive awards of up to N1 billion.
  • Five-year term loans and one-year working capital are given out with the funds.
  • A 9% yearly all-inclusive interest rate.
  • The administration is committed to the expansion of MSMEs.
  • Every day, the Bank of Industry oversees finances.

Read more on Iyaloja Funds: FG offers traders an interest-free N75 billion credit.

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