MSME funds: List of criteria to meet to qualify for FG's business survival loans

The federal government on Thursday, February 4, announced that registration for the guaranteed offtake stimulus scheme and the general Micro, Small, and Medium Enterprise (MSME) grant would commence on Tuesday, February 9. 

Legit.ng reports that through the guaranteed off-take stimulus scheme and general MSME grant, 100,000 MSMEs would benefit from GoS 100,000, and Nigerians would benefit from a one-off N50,000 MSME grant 

The minister of trade and investment, Mariam Katagum, who is also the steering committee of the MSMEs survival fund and guaranteed off-take stimulus scheme said the program is aimed at protecting and sustaining the incomes of vulnerable Micro and Small Enterprises by guaranteeing the offtake of their products.

She said that a total of 100,000 Micro and Small Enterprises would benefit from the scheme, adding that a total target national number of beneficiaries is 100,000. 

The breakdown of beneficiaries is as follows: 

1. 1. Lagos - 3,880 
2. 2. Kano - 3,280; 
3. 3. Abia - 3,080 
4. 4. Other states - 2,640 

Bz News24/7 hereby presents the qualification criteria for the MSMEs as follows: 

1. 1. The applicant must be a Nigerian National. 
2. 2. Applicant must be registered under the Corporate Affairs Commission (CAC) with at least a business name certificate 
3. 3. Applicant must have a verifiable BVN and Bank Account 
4. 4. Applicant must have at least 2 staff 
5. 5. Applicant must be ready to produce under NAFDAC and SON specifications

SOURCE: LEGIT

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