6 Nigeria Support Funds That Can Boost Your Business In 2022
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Having a business idea is not enough, you still need the required funding to kick start your business, especially one that you will not have to pay back as we will be walking you Support Funds That Can Boost Your Business In 2022
A lot happened in 2021 with the various government support scheme for businesses and individuals. In as much as some have benefited from this scheme, many are yet to benefit so we decided to create this post to inform you that you can possibly Boost Your Business with Federal government Support Funds.
The currently available 6 Nigeria Support Funds That Can Boost Your Business In 2022 are as follows:
1) The 100 for 100 PPP – is a new initiative by the Central Bank of Nigeria (CBN), designed to create the flow of finance and investments to enterprises with the potential to kickstart a sustainable economic growth trajectory, accelerate structural transformation, promote diversification, and improve productivity. It is a support to private sector companies with the aim of reducing certain imports, increasing non-oil exports, and improving the FX-generating capacity of the economy. Apply here Call For Application – CBN 100 For 100 N5bn PPP Loan
2) TIES which means Tertiary Institutions Entrepreneurship Scheme, is a new CBN loan for Nigerian graduates and undergraduates as an effort to curb the high rate of the unemployment situation in Nigeria. Here is How To Apply For CBN Undergraduate, Graduate TIES Grant
3) NMFB Non-interest loan – The credit facilities under the Non-interest Banking Window of the Targeted Credit Facility (TCF) are to support businesses that have been affected by the COVID-19 pandemic with business equipment instead of cash. Apply Here NIRSAL Microfinance Bank Non-Interest Loan Portal Goes Live
4) The Anchor Borrowers’ Programme (ABP) – The Central Bank of Nigeria (CBN), in line with its developmental functions as enshrined in Section 31 of the CBN Act 2007, established the Anchor Borrowers’ Programme (ABP) to create economic linkages between smallholder farmers (SHFs) and reputable companies (anchors) involved in the production and processing of key agricultural commodities. The core of the Programme is to provide loans (in-kind and cash) to smallholder farmers to boost agricultural production, create jobs, reduce food import bills towards conservation of the foreign reserve. Visit CBN website https://cbn.gov.ng for more information regarding ABP.
5) The National Youth Investment Fund (NYIF) – Nigerian Youth Investment Fund (NYIF) was set up as an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) and funded by the Central Bank of Nigeria (CBN) to invest in youth ideas to build sustainable businesses that can activate enterprise and increase job opportunities in Nigeria. Details here NYIF Loan Application Portal Is Live Again – Apply Now
6. Government Enterprise and Empowerment Program (GEEP)
The Government Enterprise & Empowerment Programme (GEEP) is a direct effort of the Federal Government of Nigeria through the Bank of Industry to break a multi-decade jinx of economic growth without shared prosperity. It is an initiative by the Federal Government of Nigeria to provide financial inclusion and access to micro-credit for Nigerians at the bottom of the economic pyramid.
You can also apply using the USSD code which was recently introduced by the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development for the GEEP 2.0
How to Register for GEEP 2.0
1. Dial *4255*21#
2. Set up 6 digit withdrawal pin
3. Enter your Trade Name, e.g. Muhammed and Sons Enterprise
4. Enter Type of Business/Trade e.g., Rice, Maize or cassava Processing, Tailoring, etc
5. Proceed to provide Answers to all the USSD code queries and Submit
When successful, a pop-up message will indicate that the Registration was a success.
Kindly note that due to network glitches resulting from a large number of Nigerians trying to use the USSD code, error messages may occur at intervals. Applicants are advised to continue trying until it is successful.