Funding support remains active for registered businesses across key sectors
Small business operators in Nigeria looking to scale operations, boost production, or invest in growth now have a reliable funding option through the Bank of Industry's (BOI) active SME loan programme, which continues to offer up to ₦5 million at single-digit interest rates.
Designed to ease access to affordable finance, the BOI SME loan targets Micro, Small and Medium Enterprises (MSMEs) across high-impact sectors—agriculture, manufacturing, health, ICT, fashion, and the creative economy. The programme offers flexible repayment plans, and in many cases, requires no collateral.
To qualify, businesses must be registered with the Corporate Affairs Commission (CAC) and able to show both a viable business plan and repayment capability.
In a move to simplify access, the BOI has partnered with over 400 Business Development Service Providers (BDSPs) nationwide to support entrepreneurs throughout the loan application process—from crafting fundable business proposals to post-loan mentorship.
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Expanded funding options for SMEs
In addition to the core loan programme, SMEs can benefit from specialised funding like:
- Lagos State Access to Finance for SMEs through Co-operatives (LASMECO) – offers up to ₦10 million with no collateral, at 9% annual interest, and 50% government guarantee.
- ₦200 billion Federal Intervention Fund, managed by BOI, includes:
- ₦75 billion for MSMEs
- ₦75 billion for manufacturers
- ₦50 billion for the Presidential Conditional Grant Scheme
These funds are intended to stimulate local production, create jobs, and boost economic resilience, especially among youth- and women-led businesses.
Why this matters for SMEs
For small business owners seeking stable and low-risk financing, this programme could mean the difference between stagnation and growth. With reduced borrowing costs, mentorship, and no collateral in some cases, entrepreneurs have a practical path to expansion.
Ready to apply? Visit www.boi.ng/smes to begin your application or connect with a local BDSP for guidance.
