If you are a Nigerian entrepreneur or business owner, there are several Federal Government Loan programs you can to apply for, to help you grow your brand in 2022.
Through intervention loan programs, the Buhari-led government is trying diligently to revitalise the economy following the detrimental impact of the COVID-19 pandemic on the revenue of Small and Medium Enterprise owners in the country last year.
These financing programs, which the Federal Government started and which have already assisted thousands of people, are aimed at youths and SMEs.
Let’s have a look at some of the best Federal Government Loan Programs you can apply for in 2022.
Tertiary Institution Entrepreneurship Scheme (TIES) Loan Programme
The Tertiary Institution Entrepreneurship Scheme (TIES Loan Program) is aimed at Nigerian graduates and undergraduates enrolled at a Nigerian university or polytechnic.
The CBN N500 million undergraduate and graduate loan was developed in partnership with Nigerian universities and polytechnics as part of the TIES, which aims to harness the potential of Nigerian graduate entrepreneurs.
Graduates with less than seven years of experience are eligible to apply for a loan of up to N25 million under the loan program.
The Agricultural Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) Loan
The Agricultural Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) is a program designed to support the Federal Government’s efforts and policy initiatives to promote agricultural companies and small/medium enterprises (SMEs) as vehicles for long-term economic growth and job creation.
Applicants can borrow up to N10 million without putting up any collateral, with a 5% annual interest rate until February 2022 and a 9% annual interest rate for the remaining years, for a maximum of 5 years. Typically, the moratorium lasts 12 months.
AGSMEIS loan is now available to entrepreneurs in a variety of areas, including agriculture, creative industries, hospitality, and so on.
NYSC Business Loan
If you are a current or former member of the National Youth Service Corps (NYSC), and you have a running business or a business idea that needs a Federal Government loan to boost or start up, now is your chance to apply for the ongoing NYSC business loan.
The NYSC business loan was launched by the CBN, through Heritage Bank, in collaboration with the Youth Innovative Entrepreneurship Development Programme (YIEDP), to assist graduates in starting a business, becoming self-employed, and creating jobs for others.
Nigeria Youth Investment Fund (NYIF)
The Federal Government has reopened the Nigeria Youth Investment Fund application process for eligible youths who wish to use the program to improve their lives.
NYIF is a N75 billion loan program established by Nigerian Government to invest in the innovative skills and business ventures of youths in the country.
The loan has a single-digit annual percentage rate (APR) of 5% and a 12-month grace period before repayment. In July 2020, the Federal Executive Council authorized the Nigeria Youth Investment Fund.
National Housing Fund (NHF) Loan
The Federal Mortage Bank Of Nigeria (FMBN) has a number of lending and credit facilities available to Nigerians, particularly low- and middle-income earners. The NHF is one of its most important credit institutions, allowing low-income earners who are 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.
READ MORE: How to Develop a Millionaire Mindset in 2022