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

Report indicates 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 programme 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. Lagos - 3,880

2. Kano - 3,280;

3. Abia - 3,080

4. Other states - 2,640.

This newspaper hereby presents the qualification criteria for the MSMEs as follows:

1. Applicant must be a Nigerian National.

2. Applicant must be registered under the Corporate Affairs Commission (CAC) with at least a business name certificate.

3. Applicant must have a verifiable BVN and Bank Account.

4. Applicant must have at least 2 staff.

5. Applicant must be ready to produce under NAFDAC and SON specifications.