₦1,000,000 Loan by FG for MSMEs – Begins

Learn how to access a one million naira presidential palliative loan program, a joint effort of the federal government, State Governments, Honourable Ministers, NASME (Nigerian Association of Small and Medium Enterprises), Senators, and House of Representatives Members.

This loan scheme is perceived as a Game-changer in Economic Empowerment. The sum of 75 billion will be disbursed to MSMEs with up to one million naira for each beneficiary.

The loan term is a three-year repayment period for MSMEs, a year’s repayment period for working capital, and a year’s repayment period for the purchase of machinery and equipment.



Below are the businesses that are eligible to apply for the loan scheme:Traders
Food Services
ICT
Transportation
Creative
Artisans
Loan Eligibility CriteriaLoan up to 1MA) Eligibility CriteriaExisting business must be in operation for one (1) year,
Start-ups must be a registered business
Provide CAC business registration documents.
Company’s Bank Statement(s) for a period of one (1) year (for existing business)/ Chief Promoter’s (Director or Business owner) Bank Statement(s) for a period of one (1) year (for startups).
Have required monthly turnover and other things as may be requested by the bank.
B) SecurityPersonal Guarantee of the promoter
Acceptance of BVN Covenant (Global Standing Instruction- GSI), and any other thing that may be required by the bank
C) Repayment FrequencyMonthly equal installment (no moratorium) over a period of 3 years


2. Manufacturers up to N1billion (Working Capital or Asset Financing)A) Eligibility CriteriaAt least 6months business/ corporate banking relationship
Provide CAC business registration documents
12 months bank statement for other bank
Other documentations that may be required by the bank.
B) SecurityAs may be required by the bank
C) Repayment term:i) Asset Financing6 Months moratorium on principal and interest, 5 years repayment period for asset financing onlyii) Working Capital Financing12months equal installment of principal and interest

How to Apply for ₦1,000,000 FG Loan for MSMEs

The application process for the ₦1,000,000 FG Loan for MSMEs has commenced. If you have reviewed the requirements mentioned earlier, you are eligible to apply for this loan of ₦1,000,000. You can initiate your application now and expect to receive the funds as soon as possible.