The F.Govt is disbursing N78bn total in Loans to Small Businesses through the Bank of Industry (B.O.I). So far, the bank of industry has disbursed loans amounting to N77.65 billion to businesses especially medium, small and micro-enterprises, MSMEs, in the last nine months of 2024.
Here is how you too can participate in the N200,000 Loans to Small Businesses and use thing to grow your business.
Recently, The Managing Director of BoI, Olasupo Olusi, disclosed this at an event held on Wednesday in Abuja.
He revealed that the loans were given to MSMEs across the country.
He stressed that MSMEs remained the bedrock of Nigeria’s economy.
According to him: “MSMEs which represent 90 per cent of all businesses, contribute 80 per cent to employment and 50 per cent to Nigeria’s Gross Domestic Product.
“So far this year, the bank has supported MSMEs across the country through the disbursement of loans totaling about N77.65bn. These loans were given to almost 1,000 MSMEs across the country to enable them to boost their operations. Those who have benefitted through several of our financing facilities range from the local palm kernel oil processor in the east to the woman with a printing press in the north and a local furniture maker in the south, amongst others.”
This comes as the majority of Nigerians grapple with economic hardship occasioned by high inflation which stood at 32.15 per cent in August 2024.
F.Govt N200,000 loan to Small Businesses Requirements
- Provide relevant personal and bank account information, including Bank Verification (BVN) for verification of identity and National Identification Number (NIN)
- Own a nano business.
- Operate a business with progressive economic potential, and desire to grow the business.
- Be willing to provide proof of residential/business address
- Bank statements (12 months)
- Tax clearance certificate
- Certificate of Incorporation
How to apply For the SF.Govt N200,000 loan to Small Businesses
To apply for the ongoing F.Govt N200,000 loan to Small Businesses application, all interested applicants are to visit the SMEDAN application portal https://smedan.gov.ng/
- Provide your details (Full Name, Date of birth, Gender & phone number ) to Create an account
- Ensure all information provided is accurate before you submit your application.
The SMEDAN loan application is simple and similar to other loan applications.