In a bid to bolster small and medium enterprises (MSMEs) and drive economic growth, the Federal Government, in collaboration with the Bank of Industry (BOI), has unveiled a ₦75 billion MSME Intervention Fund. This initiative, supported by the Enugu SME Center under the leadership of Governor Peter Mbah, aims to unlock the potential of businesses across Enugu State.
According to a release signed by Arinze Chilo-Offiah, Special Adviser on MSMEs and Digital Economy and Director-General of the Enugu SME Center, the fund provides MSMEs with up to ₦1 million in loans at an annual interest rate of 9%, repayable over three years. Eligible businesses also benefit from a three-month grace period before repayment begins, ensuring operational stability during the initial stages.
The fund is open to both start-ups and existing businesses registered with the Corporate Affairs Commission (CAC). Beneficiaries can use the loan to enhance operations, reduce production costs, and scale their businesses.
Application Details and Requirements
To access the loan, applicants must submit the following documents:
CAC Registration Certificate
BVN and executed Global Standing Instruction (GSI) Mandate
Four passport photographs of the business promoter and guarantor
Valid ID (National ID, Driver’s License, International Passport, or Voter’s Card)
Basic business records for existing businesses
Collateral requirements include external guarantors – professionals, civil servants, or business owners – with a net worth of at least 200% of the loan amount.
Interested business owners can apply online at https://fgnboimsmeinterventionloan.boi.ng/, where they can track their applications and access the list of Partner Financial Institutions (PFIs).
Driving Economic Transformation in Enugu
The Enugu SME Center has been pivotal in implementing transformative programs for MSMEs. Under Governor Mbah’s administration, the state is prioritizing innovation, job creation, and economic growth.
“This is your chance to transform your business and contribute to Enugu’s economic prosperity,” Chilo-Offiah emphasized.
The fund reflects the administration’s commitment to creating a thriving environment for MSMEs, ensuring they have access to the resources needed to succeed in today’s competitive economy. GMTNewsng
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