The Bank of Industry (BoI) has announced the opening of its application portal for those seeking to benefit from the Federal Government’s N75 billion Micro, Small, and Medium Enterprises (MSMEs) Intervention Fund.
This was disclosed on Monday during a joint press conference by the Nigerian Association of Small Scale Industrialists (NASSI) and the BoI, in Abuja.
According to the representative of the bank, Amina Habu Mohammed, the fund targets 75 million SMSEs at N1 million each. The fund attracts 9% interest rate for a period of three years without collateral.
“The loan aims at boosting MSMEs in the country and improving the living conditions of the people,” She said.
Mohammed added that the application portal can be accessed online.
Speaking on the fund, the National President of NASSI, Dr. Solomon Vongfa, expressed delight at the availability of the fund. He described the N75 billion intervention fund as a beacon of hope. Noting that countless MSMEs have been struggling to access affordable credit.
“This landmark programme, in partnership with the Bank of Industry (BOI), is a testament to the government’s unwavering commitment to empowering Micro, Small, and Medium Enterprises (MSMEs) across the nation,” he said.
“The N75 billion MSME intervention fund is more than just a financial injection. It is a beacon of hope for countless MSMEs that have been struggling to access affordable credit.
“The fund will provide technical assistance and capacity-building programs to help MSMEs improve their business practices and enhance their competitiveness.
“As the Nigerian Association of Small-Scale Industrialists, we are committed to playing a pivotal role in sensitizing MSMEs about this groundbreaking initiative. We will organize workshops, seminars, and outreach programmes to educate entrepreneurs. We will educate them about the eligibility criteria and application process. And also the benefits of the fund in partnership with BOI across the 36 States,” Vongfa said.
source: Daily Trust
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