MSMEs Loan Application Form 2020: FG sets to give N2.3 trillion survival fund to Small Local Businesses + Traders

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MSMEs Loan Application Form 2020: FG sets to give N2.3 trillion survival fund to Small Local Businesses + Traders – Do you want to apply for SME or MSME loan? Are you searching for the application link portal for MSME or SME loan? This article is for you as the Federal Government of Nigeria has set out to give a survival loan or fund to Micro, Small and Medium Enterprises (MSMEs) to enable them meet up to their standard. This N2.3trillion would be shared among SMEs (Small and Medium Enterprise) to enable them survive this period. MSMEs are small traders, local businesses, or any small enterprise that has not grew up to a standard. They can be found along the streets and every corner of our surroundings. SEE HOW TO APPLY FOR THE LOAN BELOW.

SMEs are considered to be independent firms that employ less than a given number of employees. SME as defined by the Third National Development plan of Nigeria, it is a small scale business as a manufacturing firm that employs less than ten people, or whose machinery and cost of equipment does not exceed N600,000.

The Federal Government Small Scale Industry Development Plan defined a small scale business in Nigeria as any manufacturing process or service industry, with a capital not exceeding N150, 000 in manufacturing and equipment alone.

Federal Government has found out the importance of SMEs in the country. They stabilizes prices or goods. They brings goods to our doorsteps. They make accessibility to articles and goods easy. They assist the less privilege who could not go to Supermarkets to purchase whatever they want at cheaper rate. They curtail the prices of every goods enabling the masses to afford it.

Nevertheless, FG sat and discovered that there are lots of challenges faced by MSMEs (Micro, Small and Medium Enterprises) today.

Lack of fund has deteriorated lots of SMEs owners towards the standard they set. This is because most of them cannot source the loan to help boost their business.
Some SMEs owners stays under the sun just to sell, some hawks their goods and there is no shelter, neither electricity to help their standard of living. It is a thing of concern as the FG wants to look into their infrastructure.
Lack of training on how to manage and increase the standard of their business affects SMEs

On this note, though, there are numerous challenges faced by MSMEs, we wish to tell all SMEs that there is hope for all.

The FG is ready to give N2.3trillion loan to all SMEs in Nigeria. According to Osinbajo, a provision of N200 billion would be made available to MSMEs in the priority sectors such as healthcare, agro-processing, creative industries, local oil and gas, aviation among others, in a scheme jointly run by the Bank of Industry (BOI) and Nigerian Export Import (NEXIM) Bank for export expansion. Then, the rest will be for other sectors.

Contents

See importance of Loan to SMEs here

Requirements and Qualifications to apply for MSMEs Loan

Applicant must be a Nigerian
You must have an existing business or enterprise
You can be able to tell what you would use the money that will be given to you for loan for
Possession of National Identity Card or Permanent Voter’s Card will be a perfect means of identification
BVN and an upgraded account that can take huge amount of money.