Federal Government Loans For Small Businesses You Can Apply in 2023 - Naija Stick

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Federal Government Loans For Small Businesses You Can Apply in 2023

Mar 31, 2023

The federal government of Nigeria primarily helps businesses develop. precisely small to medium-sized enterprises through the following established institutions:

   • The central bank of Nigeria (CBN)

   • Bank of Industry (BOI)

   • Bank of Agriculture (BOA)

   • Small and Medium Enterprises.         

   • Development Agency of Nigeria (SMEDAN)

   • Development Bank of Nigeria (DBN)

   • Nigerian Export-Import Bank (NEXIM)


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AGSMEIS Loan for SMEs and Agricultural businesses

the government specially designed this loan for SMEs in the country. However, it was birthed from a partnership between the government, through CBN, and the Bankers’ committee. Also, the loan promotes agricultural businesses too, and is disbursed through NIRSAL Microfinance bank primarily, and some other banks. It offers business owners up to 10 million up front, at an interest rate of 9% per annum. 

How do I apply for federal government loans for small businesses?

The application process for each loan differs and are stated by the government. Follow the process below to apply for a loan of your choice:

    • Proceed to the official online portal as provided by the body handling the loan

Read the loan requirements and ensure you qualify for the one you want

    • Proceed to follow the application process as stated by the official release of the government about the loan

    • Also, note that you can apply for some loans online, but would have to proceed to their physical office for others. It varies from one fund to another.