How to access N75 billion loans for MSMEs – FG

The federal government has given conditions for prospective beneficiaries of the Presidential Grants and Loan Scheme for the Micro Small and Medium Enterprises (MSMEs).

The Akwa Ibom Manager of the Bank Of Industry (BOI) Tolulope Toluwase reeled out the requirements at the formal launch of the scheme in Uyo, Akwa Ibom state, reports The Nation.

Toluwase said the project targets 75,000 MSMEs, 75000 Direct Jobs and 150, 000 Indirect jobs.

He stressed that applicants must present a guarantor not less than grade level 10 at the federal government civil service, BVN/NIN, four passport photographs, valid means of identification of himself and that of his guarantor.

The BOI boss said that any applicant who comes out successfully and met all the requirements shall be given N1million loan to boost his/her bussiness operations.

Toluwase explained repayment plan shall span for three years on a monthly basis with an interest rate of a single digit.

He said: “We believe that N1m per beneficiary when injected in a small and medium scale operation shall make a significant impact. Since it’s a loan, there must be some documentation and anyone who wants to access must first of all be in business, must be a sole proprietorship and must be registered with Corporate Affairs Commission, (CAC), the interest rate is actually a single digit.

“Therefore, go and apply quickly so that you can be shortlisted. When you don’t apply on time and other people apply they will take the money. The system will be watching the state that is applying more and when they reach that threshold, they will close that portal for them to allow other people to apply. They are going to treat the applications on first come basis.”

Commissioner for Trade and Investment in Akwa Ibom, John James said the importance of MSMEs in every economy cannot be overemphasised, describing it as the backbone and highest employer of labour in Nigeria.

While thanking the federal government for the oncoming intervention to MSMEs across the nation vis a vis Akwa Ibom, the commissioner advised the prospective beneficiaries to ensure they channel the money to the appropriate business and not divert it to other things.