The government has increased the maximum amount accessible to small businesses on single-digit loans to N5 million in a bid to boost inclusive economic growth. This announcement was made during a town hall meeting held in Lagos by the Bank of Industry. The event, organized by various government bodies and stakeholders, highlighted the availability of a N200 billion Presidential Intervention Fund for Micro, Small, and Medium Enterprises, with N75 billion earmarked for MSMEs.
The fund, administered through the Bank of Industry, offers loans at just nine percent interest and is set to create numerous job opportunities. Business owners are encouraged to apply directly to the Bank of Industry for loans and grants without involving intermediaries. The initiative aims to support a wide range of individuals, including youths, women, and the physically challenged.
Successful applicants stand to benefit from an increased loan amount of N5 million, up from the previous N1 million benchmark. This financial support is part of the government’s efforts to address challenges faced by businesses and stimulate economic growth. The Minister of Finance highlighted the government’s commitment to driving MSME growth and supporting the manufacturing sector for a more robust economy.
The event emphasized the importance of collaboration in removing barriers to MSME growth, with a focus on fostering inclusive economic development through financial support for industries. Notable beneficiaries of the scheme include a vegetable farmer, a nanny, and a food vendor from various regions in Lagos.