The Federal Government has announced the launch of N200 billion Presidential Intervention Fund to aid the growth of Micro, Small, and Medium Enterprises (MSMEs) and manufacturers.
Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made this announcement on Monday in Abuja.
She said that following the ongoing disbursements targeted at supporting one million nano businesses across the country, the government has decided to include both MSMEs and manufacturers into the initiative.
According to Uzoka-Anite, N75 billion will be distributed to MSMEs while another N75 billion will be distributed to the manufacturing industry under the Presidential Intervention Fund.
Who is Eligible for the grants?
- To qualify for the Presidential Intervention Fund (PIF), applicants must meet the following requirements:
- Operate an existing business with at least one year of operations or possess a registered start-up.
- Present valid business registration documents from the Corporate Affairs Commission (CAC).
- Show a company bank statement for existing businesses or a chief promoter’s bank statement for start-ups.
- Meet the required monthly turnover and other specific requirements as stipulated by the bank.
Businesses that can apply for the grants?
- Several business types are eligible to apply, including:
- Traders: Single retailers, corner shop owners, petty traders, market sellers
- Food Services: Food and vegetable vendors
- ICT: Business center operators, phone chargers, recharge card sellers, call center agents
- Transportation: Wheelbarrow pushers, independent delivery riders
- Creatives: Makeup artists, fashion designers, dry cleaners
- Artisans: Vulcanizers, shoemakers, painters, repairers
What are the requirement for the Presidential Intervention Fund?
- The program demands applicants provide a personal guarantee
- Agree to a Bank Verification Number (BVN) covenant.
- Adherence to the Global Standing Instruction (GSI) and other securities set by the bank is also required.
How to Apply for the Presidential Intervention Fund
Applicants are encouraged to submit their applications through the official portal at www.fedgrantandloan.gov.ng.
For more detailed about the Presidential intervention funds, applicants should visit the local state Bank of Industry branch.
More details
The Federal Government of Nigeria is proud to announce the operational launch of the MSME and Manufacturing segment under the prestigious Presidential 200 Billion Naira Intervention Fund.
“With applications for the Presidential Conditional Grant Scheme now closed, we are excited to move forward with the loan disbursement process for the MSMEs and manufacturing sectors, aimed at boosting economic growth and industrial development.
“This fund is strategically divided, dedicating N75 Billion to MSMEs and another N75 Billion to the manufacturing sector.
“We are pleased to report that the initial disbursement to nano businesses has been met with success, and we are well on our way to supporting 1 million nano businesses throughout the country.
“Thousands of beneficiaries have already confirmed receipt with many more to come,” Uzoka-Anite said.
