Popular Business Loans in Nigeria You Can Apply For 2022
If you are a Nigerian entrepreneur or business owner, you can apply for a number of federal government loan programs to help you grow your brand in 2022.
Through intervention loan programs, the Buhari-led government is working diligently to revive the economy after the devastating effects of the Covid-19 epidemic on the revenues of small and medium enterprises in the country last year.
These funding programs, initiated by the federal government and which have already helped thousands of people, are aimed at youth and SMEs.
Let’s take a look at some of the best federal government loan programs you can apply for in 2022.
Third Institutional Entrepreneurship Scheme (TIES) Loan Program
The Third Institute Entrepreneurship Scheme (TIES Loan Program) is targeted at Nigerian graduates and graduates of Nigerian universities or polytechnics.
The CBN N500 million undergraduate and graduate loan was developed as part of TIES in partnership with Nigerian universities and polytechnics, with the aim of harnessing the potential of Nigerian undergraduate entrepreneurs.
Graduates with less than seven years of experience are eligible to apply for loans up to N25 million under the loan program.
Agribusiness / Small and Medium Enterprise Investment Scheme (AGSMEIS) Loan
Agribusiness / Small and Medium Enterprise Investment Scheme (AGSMEIS) is a program that supports federal government efforts and policy initiatives to promote agribusiness and small / medium enterprises (SMEs) as vehicles for long-term economic growth and job creation. Is designed to Designed to support
With 5% p.a for February 2022 and 9% p.a for the rest of the year, applicants can borrow up to N10 million without any deposit for a maximum period of 5 years. Generally, a mortuary lasts for 12 months.
AGSMEIS loans are now available for entrepreneurs in various fields, including agriculture, creative industries, hospitality, etc.
NYSC business loan
If you are a current or former member of the National Youth Services Corps (NYSC), and you have an ongoing business or business idea that requires a federal government loan to promote or start, you now have an ongoing NYSC has access to the opportunity. Business loan
The NYSC Business Loan was launched by CBN, through Heritage Bank, in collaboration with the Youth Innovative Entrepreneurship Development Program (YIEDP), to help graduates start businesses, become self-employed and create jobs for others.
Nigeria Youth Investment Fund (NYIF)
The federal government has reopened the Nigerian Youth Investment Fund application process for eligible youth who want to access the program to improve their lives.
NYIF is a N75 billion loan program set up by the Nigerian government to invest in the youth’s innovative skills and business ventures in the country.
The loan has a single digit annual interest rate (APR) of 5% and a grace period of 12 months before repayment. In July 2020, the Federal Executive Council authorized the Nigeria Youth Investment Fund.
National Housing Fund (NHF) Loan
The Federal Mortgage Bank of Nigeria (FMBN) offers a wide range of loans and credit facilities to the people of Nigeria, especially low- and middle-income earners. The NHF is one of its most important credit institutions, allowing low-income people who are unable to afford a home.
NPower Government Enterprises and Empowerment Program (GEEP) Loan
The Government Enterprise and Empowerment Program (GEEP) is an attempt by the Federal Government of Nigeria through the Bank of Industry (BOI) to overcome decades of economic challenges. This is a Nigerian government program to provide financial inclusion and microcredit access to Nigerians at the bottom of the economic pyramid.
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