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How to Obtain Federal Government Loans in Nigeria

Federal Government Loans

Nigeria’s Federal Government is working hard to mitigate the consequences of Covid–19 in the country. They have set up a number of financing programs for individuals and small enterprises operating in the country. We’ll show you how to receive federal government loans for small enterprises in this article. You can complete out the Covid19 loan support form first.

The Nigerian government launched two major credit support programs to combat the negative effects of Covid19 on small companies.

The Nigerian government launched two major credit support programs to combat the negative effects of Covid19 on small companies.

Guaranteed Off-take Stimulus Scheme (GoS)

The General MSME Grant

We’ll go over the above-mentioned loan programs and how to apply for them in this section.

1. Guaranteed Off-take Stimulus Scheme (GoS)

The goal of this program was to provide protection to medium and small businesses. The initiative is aimed to ensure that medium and small businesses are supported, as the name implies. This incentive package will only benefit 100,000 small and medium businesses.

The following states will benefit from the grant:

  • Lagos – 3,880
  • Kano – 3,280
  • Abia – 3,080
  • Other States (Each) – 2,640

Requirements Guaranteed Off-take Stimulus Scheme (GoS)

  • Must be a registered business with the Cooperate Affairs Commission (CAC).
  • Applicants must have a bank account and a Bank Verification Number (BVN).
  • At least two employees are required of the applicant.
  • Applicants must set up production under the auspices of NAFDAC and SON.

Visit www.survivalfund.gov.ng to apply for this assistance.

2. General MSME Grant

Each company owner would receive up to N50, 000 as part of this program to help them grow their businesses. However, the award will only be given to 100,000 people across the country.

Requirements for obtaining MSME support in general

  • Applicants must be citizens of Nigeria.
  • They must register their company with the Cooperation Affairs Commission (CAC).
  • A BVN and a bank account are required for applicants.

The following states will benefit from the grant:

  • Lagos – 3,880
  • Kano – 3,280
  • Abia – 3,080
  • Other States (Each) – 2,640

Source: CampusNG

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