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MSME Funds: Criteria To Qualify For FG’s Business Survival Loans

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Katagum

The Minister of Trade and Investment, Mariam Katagum, has revealed information about the Federal Government’s Business Survival Loans (BSL)

According to the Minister, through the guaranteed off-take stimulus scheme and general MSME grant, 100,000 MSMEs would benefit from GoS 100,000 and Nigerians would benefit from a one-off N50,000 MSME grant.

MSME funds: List of criteria to meet to qualify for FG's business survival loans

Caption: Minister of Trade and Investment, Mariam Katagum

Katagum, who is also the steering committee of the MSMEs survival fund and guaranteed off-take stimulus scheme said the programme is aimed at protecting and sustaining the incomes of vulnerable Micro and Small Enterprises by guaranteeing the offtake of their products.

She said that the portal would be opened on February 9, adding that a total of 100,000 Micro and Small Enterprises would benefit from the scheme, with a total target national number of beneficiaries being 100,000.

The breakdown of beneficiaries is as follows:

1. Lagos – 3,880

2. Kano – 3,280;

3. Abia – 3,080

4. Other states – 2,640

To qualify for the MSMEs loan, an applicant must:

1. Applicant must be a Nigerian National.

2. Applicant must be registered under the Corporate Affairs Commission (CAC) with at least a business name certificate

3. Applicant must have a verifiable BVN and Bank Account

4. Applicant must have at least 2 staff

5. Applicant must be ready to produce under NAFDAC and SON specifications.

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