The Federal Government has set up three funds with a total value of N200 billion for disbursement to micro, small, and medium-sized enterprises (MSMEs) and Nano business owners nationwide.
By description, Nano business is a form of business without a formalized strategic business plan or short-term plan and without any expansion projection .
The funding support initiative was formalized in a partnership between the Corporate Affairs Commission (CAC) and Moniepoint Microfinance Bank (MfB) during which about two million MSMEs formalized their operations with documentation by the commission
In a statement on the partnership, the Managing Director/CEO of Bank of Industry (BOI), Dr. Olasupo Olusi, disclosed that the grant would be disbursed to a minimum of 1,000 beneficiaries, especially women and youths, in each of the 774 LGAs nationwide and the six Area Councils of the Federal Capital Territory (FCT).
The banker clarified: “The target Nano businesses include traders, food vendors, ICT businesses, transporters, artisans, and creatives, among others.
“This is the grant component of the initiative, as beneficiaries are not required to pay it back. To be eligible, beneficiaries must own a Nano business and be willing to register a business name as their business grows, and be willing to engage at least one additional staff member if the business turnover increases.
“They must also be willing to provide proof of residential or business address in their local government area and provide relevant personal and bank account information, including but not limited to, bank verification number (BVN) and national identification number (NIN) for verification of identity.
“The beneficiary must meet the application submission deadline for the scheme”, Olusi added.
