The Federal Government’s N150 billion loan scheme targeted at micro, small and medium enterprises (MSMEs) firms has witnessed over 700,000 applications submitted.
Dr. Doris Uzoka-Anite, the Minister of Industry, Trade and Investment confirmed that the ministry is making every effort to ensure that funds are disbursed promptly to eligible businesses.
The loan scheme which was launched in December of 2023 provides for N75 billion for MSMEs as well as N75 billion for the manufacturing sector. In order to qualify, MSMEs are required to possess a formal business or registered start-up and furnish relevant documents while they also have to meet specified standards.
Manufacturers can apply for loans that extend up to N1 billion but their repayment terms depend on the type of financing option chosen.
The government initiative is bent on mitigating the economic challenges faced by Nigerian businesses while confirming that funds would start being disbursed soonest possible, with the first batch at its conclusion stage.
This show of development is a re-affirmation by government towards building and promoting Nigerian enterprises amidst the uncertainity surrounding economy.
