How to Apply for FGN BoI MSME Intervention Loan

Are you a small business owner who need a little push in their business?  Now is time to get that help from the stable of the Federal Government.

FGN through the Bank of Industry (BOI) is now offering what they call MSME Intervention Loan. The loan is specifically designed to support your type of businesses (MSMEs) in Nigeria.

This guide will take you through the application process, requirements  and key tips to maximize your chances of securing this valuable funding.

What are the Requirements?

Before we go into the application process, let’s talk about the requirements. Eligible applicants for the FGN MSME Loan include:

• Registered Businesses: Only businesses registered with the Corporate Affairs Commission (CAC) are eligible to apply. If your business is not yet registered, you still have time to do so.
• Nigerian Ownership: The business must be 100% Nigerian-owned.
• Sector-Specific Requirements: The loan is available for MSMEs in various sectors such as agriculture, manufacturing, ICT, and services.
• Good Credit Standing: Having a clean credit history or a favorable credit score is often advantageous.

Documents Required for Application

To increase your chances of a successful application, ensure you have the following documents ready:

• Certificate of Incorporation (from CAC)
• Detailed business plan or proposal
• Tax Identification Number (TIN)
• Bank statement (last 6-12 months)
• Valid means of identification (passport, driver’s license, national ID)

If you don’t meet these requirements, you can try this: How to Apply for NYIF loan

How to apply for fgn boi msme loan

The application process is outlined below

1. Create an Account: Go here to register. Fill the form with your correct details and business information
2. After registration, proceed to Login here
3. Upload your required business details like CAC and personal identity such as NIN or Passport.
4. Submit your request
5. Login daily on the same portal to monitor approval status

Registration Form

The BoI MSME registration form requires you to fill the following details:

• your email
• Business registration number (such as “RCxxxxxxx”)
• Company name
• business type (e.g., Sole Proprietorship)
• business location
• Phone number, and a secure password.

Once registered, you can login and keep track of approval status.

FAQ

How much can you borrow from FGN BoI Intervention Loan?

Each applicant have access to a total sum of 1,000,000 naira only. You can use this money to boast your business and provide more small jobs for your employees.

If you need more fund, you can read this post here: How to Apply for FG Grant and Loan

What’s the interest Rate?

The interest rate for the Fed BOI MSME loan is 9% for the total period it covers. What this meas is that you will only pay a total interest of 90,000 naira on the principal loan of 1M withing the loan period. The loan covers a period of three years and no collateral is involved.

Conclusion

Now, the portal is open and taking new registration. Do quick and register before the portal is crowded. I wish you best of luck and success in your business.

If you have any questions, please drop them as comment and I’ll be glad to respond as soon as possible.