The application portal for the federal government’s N75 billion Micro, Small, and Medium Enterprises (MSMEs) Intervention Fund is now available, according to the Bank of Industry (BoI).
The Nigerian Association of Small Scale Industrialists (NASSI) and the BoI jointly announced this during a news conference on Monday.
According to Amina Habu Mohammed, the BoI spokesperson, the fund aims to provide 75 million SMSEs with no collateral for three years at a 9% interest rate and N1 million apiece.
She added that the application portal is available online and that the loan’s goals are to improve the nation’s MSMEs and citizens’ quality of life.
For some MSMEs that have been having difficulty obtaining reasonably priced loans, the N75 billion intervention fund is a ray of light, according to Dr. Solomon Vongfa, National President of NASSI.
“The government’s steadfast dedication to empowering Micro, Small, and Medium Enterprises (MSMEs) throughout the country is demonstrated by this historic program, which was implemented in collaboration with the Bank of Industry (BOI),” he stated.
For innumerable MSMEs that have been having difficulty obtaining reasonably priced financing, the N75 billion MSME intervention fund is more than just a cash infusion; it is a ray of hope.
“To help MSMEs improve their business processes and boost their competitiveness, the fund will offer technical assistance and capacity-building programs.
“We at the Nigerian Association of Small-Scale Industrialists are dedicated to becoming a key player in educating MSMEs about this innovative project. In collaboration with BOI, we will host workshops, seminars, and outreach initiatives to inform business owners about the fund’s qualifying requirements, application procedure, and advantages throughout the 36 states.
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