Are you an entrepreneur wanting to apply for Federal Government Loan Programs to help you grow your business? If you answered yes, you’ve come to the correct spot, because we’ll walk you through five Federal Government Loan Programs that are presently accepting applications and how to apply.
Through intervention loan programs, the Buhari-led government is working relentlessly to revitalize the economy following the detrimental impact of the COVID-19 Pandemic last year on the revenue of Small and Medium Enterprise owners in the country.
These financing programs, which the Federal Government started and which have already assisted thousands of people, are aimed at youths and general MSMEs.
COVID-19 Targeted Credit Facility Lending, AGSMEIS Loan, Non-Interest Window for COVID-19 TCF and AGSMEIS, Anchor Borrowers Program, and Nigeria Youth Investment Fund are just a few of the loan programs that have helped numerous entrepreneurs recover from the impact of the Covid-19 Pandemic.
FG Loan Programs With Ongoing Application
The following are some of the federal government loan programs that are currently accepting applications.
1. CBN TIES Loan Programme
The Tertiary Institution Entrepreneurship Scheme (TIES Loan Program) is aimed at Nigerian graduates and undergraduates studying at any accredited university or polytechnic in the country.
The CBN N500 million undergraduate and graduate loan was developed in partnership with Nigerian universities and polytechnics as part of the Tertiary Institutions Entrepreneurship Scheme (TIES), which aims to harness the potential of Nigerian graduate entrepreneurs.
Graduates with less than seven years of experience are eligible to apply for a loan of up to N25 million under the Loan Program.
2. Nigeria Youth Investment Fund
The Federal Government has reopened the Nigeria Youth Investment Fund application process for eligible youngsters who wish to use the program to better themselves.
The Nigeria Youth Investment Fund (NYIF) is a N75 billion loan program established by President Muhammadu Buhari’s administration to invest in young Nigerians’ innovative skills and business ventures.
The loan has a single-digit APR of 5% and a 12-month grace period before repayment. In July 2020, the Federal Executive Council authorized the Nigeria Youth Investment Fund.
3. AGSMEIS Loan
The AGMEIS (Agricultural Business/Small and Medium Enterprise Investment Scheme) is a program designed to support the Federal Government’s efforts and policy initiatives to promote agricultural companies and small/medium enterprises (SMEs) as vehicles for long-term economic growth and job creation.
Applicants can borrow up to N10 million without putting up any collateral, with a 5% annual interest rate until February 2022 and a 9% annual interest rate for the remaining years, for a maximum of 5 years. Typically, the moratorium lasts 12 months.
AGSMEIS Loan is now available to entrepreneurs in a variety of areas, including agriculture, creative industries, hospitality, and so on.
4. Nirsal Microfinance Bank Non-Interest Covid-19 Loan
The Non-Interest Window Loan for COVID-19 TCF was recently launched by President Mohammadu Buhari’s government, in collaboration with the Central Bank of Nigeria (CBN) and Nirsal Microfinance Bank, in order to provide assistance to businesses and households affected by the Covid-19 pandemic.
The Nirsal Microfinance Bank Non-Interest Window Loan allows MSME’s to borrow up to N2, 500,000 in equipment and households up to N1, 000,000.
5. GEEP Loan
The Government Enterprise and Empowerment Programme (GEEP) is a deliberate effort by Nigeria’s Federal Government, through the Bank of Industry, to break a multi-decade curse of economic progress without shared wealth. It is a Nigerian government program to give financial inclusion and microcredit access to Nigerians at the bottom of the economic pyramid.
GEEP 2.0 is an extension of the Federal Government Enterprise and Empowerment Loan Program, which is part of the National Social Investment Programme (NSIP).
Source: Nyscinfo
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