Last Updated on March 23, 2021 by Ope Quadri
The Bank of Industry (BOI) will soon open an application for the disbursement of N50,000 credit facility to 100,000 Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
Self-employed artisans are will not be left out as 300,000 of them will also get N30,000 loan which is under the supervision of the Ministry of Industry, Trade and Investment.
The ministry which supervises the Bank of Industry announced that the disbursement of the loan to 400,000 business owners followed a $1 billion syndicated loan it secured to support MSMEs
Minister of Industry, Trade and Investment Adeniyi Adebayo stated on Monday at the Quantum Mechanics Limited MSMEs Survival Fund capacity building programme in Abuja that loan would improve the bank’s capacity to support MSMEs across key sectors of the Nigerian economy.
Benefits of the loan
- It has the loan has a long-term tenor
- It has moratorium benefits
- It is secured in partnership with international partners
The minister’s media aide Mr Adebayo, quoted his boss as saying:
“There is an ongoing discussion with Dunn and Bradstreet to establish an SMEs Ratings Agency of Nigeria (SMERAN) to provide an empirical basis toward analysing the eligibility of SMEs to access credit.
He stated further the General MSMEs Grant will provide 100,000 MSMEs with one-off grants of N50,000 each, and the Guaranteed Offtake Scheme aims at engaging approximately 100,000 businesses nationwide to produce items typically manufactured in their locality, targeting 300,000 beneficiaries.
We’ll keep you updated when the application begins.
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