You must have heard about the ongoing FGN Intervention Fund. However, if this is your first time, There are few things needed for you to access the FGN Intervention Fund.
As you read, we are going to give you a pointer for a successful FGN Intervention Fund application. Over N200bn allocated for Micro, Small and Medium Scale Enterprises (MSMEs) and manufacturers in Nigeria.
Let’s Get started.
The Federal Government has announced the launch of the N200bn Presidential Intervention Fund for Micro, Small and Medium Scale Enterprises and manufacturers in Nigeria.
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made this announcement in a post on her X formerly Twitter page on Monday.
Uzoka-Anite said that following the ongoing disbursements targeted at supporting one million nano businesses across the country, the government has decided to include both MSMEs and manufacturers in the initiative.
Earlier in an interview, The PUNCH reported that the Federal Government announced the commencement of the disbursement of the N50,000 Presidential Conditional Grant Scheme, also known as Trade Grants Scheme, to nano businesses nationwide
According to Uzoka-Anite, N75 billion will be distributed to MSMEs while another N75 billion will be distributed to the manufacturing industry under the Presidential Intervention Fund.
FGN Intervention Fund Application Requirements
- You must Be a Nigerian
- Applicants must Provide additional documentation as required by the bank.
- Business must be fully registered with CAC.
- Evidence of business registration, business address, BVN of ownership.
- Must be in business for a minimum of 24months.
- Business account must be domicile
- Business office must be established. (preferably owned or lease)
- Security: Applicants must provide a Personal Guarantee from the promoter.
Applicants must agree to BVN Covenant. Applicants must adhere to Global Standing Instruction (GSI) and other securities as required by the bank - Repayment Frequency: Monthly equal instalments with no moratorium, spanning a 3-year term.
- For Manufacturers (For Loans up to N1 Billion): Applicants must choose between Working Capital or Asset Financing.
- 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 instalment repayment plan.
How to Apply: FGN Intervention Fund Application
To apply, for the ongoing FGN Intervention Fund Application, applicants should visit the official application portal at www.fedgrantandloan.gov.ng
Additionally, applicants seeking more detailed information should visit the local state Bank of Industry branch.