Enugu N1 billion Matching Fund Program for MSMEs | Best for Businesses in Enugu State
Here is a good news coming to Enugu business owners. The state government is introducing Enugu N1 billion Matching Fund Program for MSMEs. If you are a business owner in Enugu then you have to read through this post to see what this program is all about.
The Enugu N1 billion matching fund program for MSMEs is an initiative of the Enugu State Government in partnership with the Bank of Industry (BOI) to provide financial support to Micro, Small and Medium Enterprises (MSMEs) in the state. The program aims to stimulate economic growth and create employment opportunities by providing access to single-digit loans to MSMEs and address the critical need for affordable businesses in the state.
Under the program, the Enugu State Government under the leadership of Gov. Peter Mbah, will provide a matching fund of N500 million, while the Bank of Industry (BOI) will provide the remaining N500 million. This will create a pool of N1 billion available for lending to MSMEs in the state.
The program is open to MSMEs in various sectors, including agriculture, manufacturing, trade, and services. Eligible businesses must be registered with the Corporate Affairs Commission (CAC) and have a valid Bank Verification Number (BVN).
Requirements for Enugu N1 billion Matching Fund Program for MSMEs
To access the Enugu N1 billion matching fund program for MSMEs, interested companies will need to meet certain requirements. Some of the common requirements for accessing the fund may include:
- Registration with the Corporate Affairs Commission (CAC).
- Having a valid Bank Identification Number (BVN).
- Submit a detailed business plan.
- Demonstrate business viability and repayment capacity.
- Comply with the criteria established by the Bank of Industry (BOI) and the Enugu state government.
Sterling Bank PLC will manage and disburse funds to qualified enterprises, ensuring efficient delivery to beneficiaries.
To apply for this Enugu state N1 billion matching fund program for MSMEs, ensure apply at the State MSME portal at www.enugusme.en.gov.ng/msmedata. Before applying, ensure you meet the requirements listed above. Other requirements might be added, kindly stay tuned to this site for more updates.
To access the fund, MSMEs must submit a loan application to the Band of Industry (BOI), which will assess the application and determine the loan amount and terms. The loan amount can range from N1 million to N10 million, with a repayment period of up to five years.
The Enugu N1 billion matching fund program for MSMEs is a significant initiative that will provide much-needed financial support to MSMEs in the state. The program will help businesses to expand their operations, create jobs, and contribute to the economic development of Enugu State.