The federal government Loan Disbursement for MSME and Manufacturing Sector has commenced.
| KEY DETAILS |
|---|
| Host: WEMA Bank Open to: Africans Target: Entrepreneurs Deadline: unspecified |
The Federal Government of Nigeria is proud to announce the operational launch of the MSME and manufacturing segments under the prestigious Presidential 200 billion Naira Intervention Fund.
Also read: The WEMA Bank Hackaholics 5.0 Hackathon 2024
Eligibility Criteria: Federal Government Loan Disbursement for MSME and Manufacturing Sector
- Must be an existing business in operation for at least one year, or a registered start-up.
- Provide CAC business registration documents.
- Present the company’s bank statement for existing businesses or the chief promoter’s bank statement for start-ups.
- Fulfill the required monthly turnover and comply with other requirements as specified by the bank.
SECURITY
- Provide a personal guarantee of the promoter.
- Agree to bank verification number (BVN) covenant.
- Adhere to global standing instruction (GSI) and other securities as required by the bank.
CRITERIA FOR MANUFACTURER LOANS UP TO N1B
- Choose between working capital or asset financing.
- Maintain at least a 6-month business/corporate banking relationship.
- Provide additional documentation as required by the bank.
- Asset financing comes with a 5-year repayment period, and working capital financing includes a 6-month moratorium on principal and interest, followed by a 12-month equal installment repayment plan.
The Federal Government Loan Disbursement for MSME and Manufacturing Sector Selection Process will include:
- Collaboration with the State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representative Members, who will use the Federal Government’s selection criteria below to shortlist the beneficiaries from their constituents.
- The target beneficiaries are 70% women and youth, 10% people with disabilities, and 5% senior citizens, while the remaining 15% is distributed to other demographics.
Also read: The World Bank Group Africa Fellowship Programme 2024
Application Procedure
Applicants interested can apply here
NIN is a major requirement for the Federal Government Grants and Loans Scheme
- Loan applicants who have already filled out the form should log in and update their loan application with their NIN
- Grants applicants who already filled out the form, should update their NIN by clicking this link: https://grant.fedgrantandloan.gov.ng/auth/nin/register
For more information, visit the Federal Government Loan Disbursement for MSME and Manufacturing Sector