The Bank of Industry (BOI) has announced its plan to distribute N200 billion in funding across three different categories to support manufacturers and businesses nationwide. So, if you have been thinking of a way to quit the business of "unavailability of funds", you may want to change your mind. 

The bank stated that the funds comprise three categories:

• The Presidential Conditional Grant Scheme

• The FGN MSME Intervention Fund

• The FGN Manufacturing Sector Fund

The Presidential Conditional Grant Scheme is a N50 billion grant program that will assist eligible nano business owners. Also, it was detailed that the grant will be distributed to at least 1,000 recipients, with a focus on women and youths, covering all 774 local government areas and the six council areas in the Federal Capital Territory.

"The target nano businesses include traders, food vendors, ICT businesses, transporters, artisans, and creatives, among others. This is the grant component of the initiative, as beneficiaries are not required to pay back," BOI shared. 

What makes you Eligible for this BOI (Bank of Industry) opportunity? 

To be eligible for the opportunity offered to manufacturers by the Bank of Industry: 

• You must own a nano business and be willing to register a business name as your business grows.

• You must be willing to engage at least one additional staff member if the business turnover increases.

• You must also be willing to provide proof of residential/business address in your Local Government Area and provide relevant personal and bank account information, including but not limited to Bank Verification Number and National Identification Number for verification of identity. 

• You must meet the application submission deadline for the scheme.

BOI (Bank of Industry) stated that the fund will assist qualified micro, small, and medium enterprises, providing relief from the elevated expenses related to production, marketing, and distribution of products. These expenses primarily result from infrastructure shortcomings and other related factors affecting MSMEs.

Additional Information you will need to know about the BOI fund

• Each recipient would have access to a maximum of N1 million, and the funds would be offered with an all-inclusive interest rate of nine percent per year. The duration for equipment and working capital would be ten years.

• The distribution of the funds is in line with the Federal Government's pledge to mitigate the impact of recent economic reforms on businesses across the nation.

Although the bank is yet to share a method or procedure to apply for the funds, you can sign up on our website to get first-hand information when the time is right. Also, you may want to follow us on social media: 

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