National Telescope national telescope newspaper
In a recent development, the federal government has kicked off the N200 billion Presidential Intervention Fund tailored for Micro, Small, and Medium Scale Enterprises (MSMEs) and manufacturers in Nigeria.
Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, disclosed this significant move via a post on her official social media page, formerly known as Twitter, on Monday.
Uzoka-Anite emphasized that the initiative, which initially targeted aiding one million nano businesses nationwide, now extends its support to encompass MSMEs and manufacturers.
Speaking on the terms, the trade minister outlined that the allocated fund would be repayable in monthly installments over a three-year period, without any grace period.
Of the total fund, N75 billion has been earmarked for distribution to MSMEs, while another N75 billion will be channeled to support the manufacturing sector, as indicated in the official statement released.
In her words, “The Federal Government of Nigeria is delighted to declare the operational commencement of the MSME and Manufacturing segment under the esteemed Presidential 200 Billion Naira Intervention Fund.”
Elaborating on the progress made so far, Uzoka-Anite expressed satisfaction with the successful disbursement to nano businesses and reiterated the commitment to supporting one million nano businesses across the nation.
To join the initiative, interested parties are encouraged to visit the official application portal at www.fedgrantandloan.gov.ng. Additionally, detailed information can be obtained from local Bank of Industry branches.
For MSMEs seeking loans up to N1 million, eligibility criteria include being in operation for at least a year, possessing CAC business registration documents, providing bank statements, meeting monthly turnover requirements, among others.
Manufacturers, eligible for loans of up to N1 billion, will have the option to choose between working capital or asset financing, with specific requirements outlined by the bank.
The repayment terms vary, with asset financing offering a five-year repayment period, and working capital financing including a six-month moratorium followed by a 12-month equal installment repayment plan.
