The federal government says it has commenced the loan disbursement process for micro, small and medium enterprises (MSME) and manufacturing sectors.
In a statement on Monday by the office of the ministry of industry, trade, and investment, the initiative is aimed at boosting economic growth and industrial development.
According to the ministry, N75 billion each has been allocated to support MSMEs and the manufacturing sector.
“The Federal Government of Nigeria is proud to announce the operational launch of the MSME and Manufacturing segment under the prestigious Presidential 200 Billion Naira Intervention Fund,” the ministry said.
“With applications for the Presidential Conditional Grant Scheme now closed, we are excited to move forward with the loan disbursement process for the MSME and Manufacturing sectors, aimed at boosting economic growth and industrial development.
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“This fund is strategically divided, dedicating 75 Billion Naira to MSMEs and another 75 Billion to the manufacturing sector.
“We are pleased to report that the initial disbursement to nano businesses has been met with success, and we are well on our way to supporting 1 million nano businesses throughout the country.
“Thousands of beneficiaries have already confirmed receipt with many more to come.
“We invite eligible enterprises to join this transformative initiative. To apply, please visit our official application portal at www.fedgrantandloan.gov.ng.
“Additionally, applicants seeking more detailed information should visit their local state Bank of Industry branch.”
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SECURITY
Monthly equal instalments with no moratorium, spanning a 3-year term.
CRITERIA FOR MANUFACTURER LOANS UP TO N1B
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