MSMEs: What To Know About The Loan/Grant Scheme

MSMEs: The Federal Government loan/grant scheme for young entrepreneurs in Nigeria has been a huge catalyst to so many who benefited from it.

Tabloidstream seeks to throw more light so that those who are yet to benefit from this scheme or those who haven’t enrolled in it can do so.

Here are some important points to bear in mind about the MSMEs scheme.

The two grant/loan schemes introduced by the federal government of Nigeria are:

1. The General MSME Grant and
2. Guaranteed Off-take Stimulus Scheme (GoS)

 

1. The MSME Grant: This is a one-time grant scheme where entrepreneur received a payment of N50,000 to their registered bank accounts on MSMEs portal.

This payment is targeted at boosting the financial strength of these small businesses and helping them get by during this pandemic period.

The set number of people who are to enjoy this cash injection is 100,00 persons from different states in the country.

They are shared according to this quota:

1. Lagos State 3,880 beneficiaries
2. Kano State 3,280 Beneficiaries
3. Abia State 3,080 Beneficiaries
4. Other remaining 44 states 2,640 beneficiaries.

General MSME Grant Qualifications

1. Applicant must be a Nigerian Citizen
2. Applicant Business must be registered under the CAC.

iii. Applicant Business must have a Verified Business Bank Account and Bank Verification number.

 

2. Guaranteed Off-take Stimulus Scheme (GoS): The target of this scheme is to shield and promote the business of MSMEs.

In this scheme, the beneficiaries are expected be able to produce some locally made products, cooking products etc. The target number for this scheme is also 100,000.

They are shared according to this quota:

1. Lagos 3,880 beneficiaries
2. Kano 3,280 Beneficiaries
3. Abia 3,080 Beneficiaries
4. Other remaining 44 states 2,640 beneficiaries.

GOS QUALIFICATIONS

1. Applicant must be a Nigerian Citizen
2. Applicant Business must be registered under the CAC.

iii. Applicant Business must have a Verified Business Bank Account and Bank Verification number.

1. Applicant must be have a minimum of two employees
2. Applicant products must meet SON and NAFDAC set standards.

They

GOS PRODUCT TO BE PRODCUED BY BENEFICIARIES

These products are divided into two categories namely:

1. Processed Foods
2. Sanitization and Cleaning

 

1. Processed Foods

This category is divided into 4 namely:

Lot 1 Grains

Lot 2 Flour

Lot 3 Species

Lot 4 Oil

 

Lot 1 Grains

1. Brabusco

2 . Garri

3. Parboiled Rice
4. Raw Rice
5. Beans
6. Acha
7. Alkama

Lot 2 (Flour)

1. Cassava Flour
2. Soya Bean Flour
3. Yam Flour
4. Garin Danwake
5. Plantain Flour

Lot 3. (Spices)

1. Garlic Powder
2. Tumeric Powder
3. Dry Locust beans
4. Ginger Powder
5. Curry Powder

Lot 4 (Oil)

1. Honey
2. Soyabean Oil
3. Coconut Oil
4. Palm oil
5. Groundnut Oil

Category B Sanitization/ Cleaning

Lot 1 (Product)

1. Disinfectant
2. Hand Sanitizer
3. Liquid Soap
4. Face Masks

Call/ WhatsApp 08164790358 for the enrollment into this scheme.