Small and medium-sized enterprises (SMEs) are the backbone of any economy, and the Nigerian economy is no exception. However, these businesses often need help in obtaining affordable financing. To address this issue, the Bank of Industry (BOI) has introduced various intervention funds to support SMEs.
BOI intervention funds are designed to provide financial support to SMEs in key sectors of the economy, including agriculture, manufacturing, healthcare, and renewable energy. These funds offer low-interest loans and other financial support to eligible businesses.
One of the BOI’s most popular intervention funds is the Youth Entrepreneurship Support (YES) Programme. This fund targets young entrepreneurs between 18 and 35 with viable business ideas but needs more capital to start. The YES Programme provides these entrepreneurs with loans of up to N5 million at an interest rate of 5% per annum, along with training and mentorship to help them succeed.
Another BOI intervention fund is the Cottage Agro Processing (CAP) Fund. This fund is designed to support small-scale agro-processing businesses in rural areas. The CAP Fund provides loans of up to N10 million at an interest rate of 9% per annum, along with technical support and training to help these businesses improve their operations.
The BOI also offers the Nigerian Artisanal and Small-Scale Miners (ASM) Finance Support Fund, which provides financing to artisanal and small-scale mining businesses. This fund provides loans of up to N10 million at an interest rate of 5% per annum, along with training and technical support to help these businesses operate more efficiently and sustainably.
Overall, BOI intervention funds are an important source of financing for SMEs in Nigeria. If you’re a small business owner looking for affordable financing, it’s worth exploring these funds to see if you’re eligible for support. By taking advantage of these funds, you can access the capital and resources you need to grow your business and contribute to the Nigerian economy.
How do I apply for BOI intervention fund?
To apply for any of the funds, simply follow the procedure below:
- Visit their website at https://www.boi.ng,
- Select the most appropriate fund option for your line of business and industry
- Click on the option, the scroll to the bottom page
- At the bottom, you would find the “click here to apply” option.