How to Get Federal Government Loan for Small Businesses

The Federal Government of Nigeria is actively working to mitigate the impact of poverty in the country. It has implemented various loan schemes for households and small businesses operating within the nation. In this guide, we will walk you through the process of obtaining federal government loans for small businesses.. Before that you can fill the Covid19 loan support form.

To address the adverse impact of Covid19 on small businesses, the government of Nigeria rolled out two major loan support programs: Guaranteed Off-take Stimulus Scheme (GoS) and the General MSME Grant.

Here we will explains the above mentioned loan schemes and how to access them.

1. Guaranteed Off-take Stimulus Scheme (GoS)

This program was set up with the aim to provide protection to the medium and small enterprises. As the name suggests, the program is designed to ensure that medium and small enterprises are supported. Only 100,000 small and medium enterprises will benefit from this grant package.

States that will benefit from the grant include:

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

Requirements to apply for Guaranteed Off-take Stimulus Scheme (GoS)

• Applicant must be a Nigerian.
• Must have business registered with the Cooperate Affairs Commission (CAC).
• Applicants must have Bank Verification Number (BVN) and a bank account.
• Applicant must have at least
  two employees.
• Applicants must arrange for production under NAFDAC and SON.

To APPLY for this support, visit www.survivalfund.gov.ng

2. General MSME Grant

Under this program, each business owner will get up yo N50,000 to develop his or her business. However, only 100,000 people across the country will receive the grant.

Requirements to get General MSME support

• Applicants must be a Nigerian citizen.
• They must have business registered with the Cooperate Affairs Commission (CAC).
• Applicants must have a BVN and a bank account.

States that will benefit from the grant

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

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