There are some new business grants and loans for Nigerians. They include some government funding for startups in Nigeria. Nigerian entrepreneurs or business owners can apply for several federal government loan programs to help their brands grow in 2022. Some of these Federal government Loans can help you get business funding from ₦150,000 and above.
Through intervention loan programs, the Buhari-led government is working hard to revive the economy following the devastating effects of the Covid-19 epidemic on the incomes of small and medium-sized businesses in the country last year.
The federal government initiated these financing programs and has already helped thousands of people, aimed at youth and SMEs.
New Business Grants & Loans: Apply for Nigeria Government Funding for Startups
Let’s look at some of the best federal government loan programs available.
Tertiary Institution Entrepreneurship Scheme (TIES) Loan Programme
The Third Institute Entrepreneurship Program (TIES Loan Program) is for Nigerian graduates and undergraduates who have entered a Nigerian university or polytechnic.
CBN N500 million undergraduate and graduate loans were developed as part of TIES in collaboration with Nigerian universities and polytechnics to exploit the entrepreneurial potential of Nigerian graduates.
Graduates with less than seven years of experience can apply for a loan of up to $ 25 million under the loan program.
The Agribusiness / Small and Medium Enterprise Investment Scheme (AGSMEIS) is a program that supports the federal government’s efforts and policy initiatives to promote agribusiness and small and medium-sized enterprises (SMEs) as a means of long-term growth and job creation.
Applicants without a deposit until 2022. can borrow up to 10 mln. N, with an annual interest rate of 5% and an annual interest rate of 9% for a maximum of 5 years for the remaining years. The morgue usually lasts 12 months.
AGSMEIS loan is now available to entrepreneurs in various areas, including agriculture, creative industries, hospitality, etc.
Suppose you are a current or former member of the National Youth Service Corps (NYSC) and have a business or business idea that needs a federal government loan to strengthen or start it. In that case, you now have the opportunity to apply to the NYSC. Business loan
The NYSC business loan was launched by CBN through Heritage Bank, in conjunction with the Youth Innovative Entrepreneurship Development Program (YIEDP), to help graduates start a business, start working independently and create jobs for others.
The federal government has updated the Nigerian Youth Investment Fund application process for eligible young people who want to take advantage of the program to improve their lives.
NYIF is a $ 75 billion loan program developed by the Nigerian government to invest in the innovative skills of young people and businesses in the country.
The loan bears a single interest rate of 5% per annum and a grace period of 12 months before repayment. 2020 July. Authorized by the Federal Executive Council
National Housing Fund (NHF) Loan
The Federal Mortgage Bank Of Nigeria (FMBN) has several lending and credit facilities available to Nigerians, particularly low- and middle-income earners. The NHF is one of its most significant credit institutions, allowing low-income earners unable to purchase a home to own their own home.
NPower Government Enterprise and Empowerment Programme (GEEP) Loan.
The Government Enterprise and Empowerment Programme (GEEP) is an effort by Nigeria’s Federal Government, through the Bank of Industry (BOI), to break a multi-decade economic challenge. It is a Nigerian government program to give financial inclusion and microcredit access to Nigerians at the bottom of the economic pyramid.