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FG N20 Million Fund Application Form Open – FG Loan



FG N20 Million Fund Application Form

FG N20 Million Fund Application Form Open – FG Loan

The FGN Special Intervention Fund for MSMEs is now accepting applications from interested and qualified business owners.

The FGN Financial Services Specialization aims to assist SMEs in the business sector, which are a key driver of employment, wealth, and job creation in Nigeria.

Those interested in applying should note that applications are only accepted and processed at BOI State Offices. You are not required to pay for the application. The application for a loan from the Bank of Industry is completely free.

The fund will be used to support SMEs in the manufacturing and agro-processing industries, with a focus on the value addition of local raw materials.

The fund will be used to support SMEs in the manufacturing and agro-processing industries, with a focus on the value addition of local raw materials.

The loan is not interest-free; you must pay 9% interest per year (all-inclusive) as well as a legal fee (where applicable).

Let us now discuss how much money you can apply for your business. You can apply for any amount ranging from 500,000 Naira to 20 Million Naira, depending on the type of business you want to start.

You may also want to read N500K CBN Grant Application Form 2022/2023 – FG Grant

Requirements for FG N20M Special Intervention Fund for MSMEs

  • The fund can be assessed by limited liability companies, enterprises and cooperatives duly registered in Nigeria.
  • Applications are accepted and completed only at Bank of India, BOI State Office.
  • These funds are used for SMEs involved in manufacturing and marketing industries who provide more information about the added value of local raw materials.

Projected Impact

The fund is to be utilized for SMEs engaged in manufacturing and agro-processing businesses with emphasis on value addition to local raw materials.

Program Limit

5.0 billion Naira

Single Obligor Limit

N 20.0 million


Fee: Interest rate: 9% per annum (all inclusive)\
Legal fee (where applicable)


To be determined by the company’s cashflow in line with BOI standard practice

How To Apply – FG N20 Million Fund Application Form

Steps for FGN Special Intervention Fund Registration for MSMEs

Eight (8) Things You Need To Know Before Applying – FG N20 Million Fund Application Form

1. Mandate

The bank of industry targets businesses that engage in manufacturing and processing activities. Target sub-sectors include Agro-processing, Solid Minerals, Information Technology, Oil and Gas, and Creative Industry. Please click to see the list of SME product clusters that BOI supports. If your product is not listed below and you think it should be, please provide information on your product for review by our technical team.

List of Product Cluster

1. Adire (Tie and Dye)/Aso Oke
2. Animal Feeds
3. Aquaculture
4. Bakery
5. Blocks and Interlocking Stones
6. Bottled Water
7. Ceramics & Tiles
8. Chemicals and Paints
9. Cosmetics/Hair Products
10. Dairy
11. Digital Printing/Multimedia Publishing
12. Doors and Window Frames
13. E-Commerce/Information & Communications Technology (ICT)
14. Fashion/Garmenting
15. Fish Smoking/Drying
16. Food Processing (comprising processing of agricultural products)
17. Foundries/Metal Fabrication/3-D Printing
18. Fruit Juice
19. Furniture/Wood Processing
20. Gemstones
21. Greenhouses
22. Laundry and Dry Cleaning
23. Leather/Footwear
24. Liquefied Petroleum Gas/Compressed Natural Gas
25. Meat Processing
26. Mechatronics
27. Health Care (Medical Diagnostics)
28. Laboratory/Orthodontist/Ophthalmology/Physiotherapy)
29. Movie Production (Nollywood)
30. Plastics
31. Quick Service Restaurants
32. Quarries
33. Recycling
34. Roofing Sheets
35. Soaps and Detergents
36. Solar (off grid)
37. Technical/Vocational Schools (Offering City & Guild Certificate)
38. Theme Parks
39. Water Transportation Riverine
40. Light Manufacturing (Paper, Roofing Sheets, lube blending, Paints etc)
41. Grocery packaging

You may also want to read How To Easily Access Bank of Industry Loan (Get Upto 5M)

2. Entities that BOI Finances

Bank of industry only finances enterprises or companies and not an individual person or group of persons. The company / enterprise must be duly registered and you will be required to provide the registration number for a Limited Liability Company or business name for an enterprise before you can proceed with your application.

3. Items that BOI can finance

The bank is principally set up to finance industrial equipment used in manufacturing. The Bank does not finance land and building which are expected to be financed from equity. You can also access your working capital requirements from any of the ten (10) SME friendly banks that Bank of Industry partners with at Monetary Policy Rate plus 6 percent.

4. Mode of disbursement

The bank does not disburse the loan to the borrower in cash but to the vendors and suppliers of the equipment that the loan application is for.

5. Amount that can be financed by BOI

BOI’s loan support to the SME starts from N5 million. However, loan below N5 million are provided on our matching fund platform which is operated in collaboration with various state governments and on our Bottom of the Pyramid (BOP) scheme which is operated through MicroFinance Banks. Please click to see how you can apply under the BOI matching Fund or the BOP scheme.

6. Collateral requirements

As part of the fiduciary responsibility in managing funds under its care, Bank of industry requires that you pledge some assets to secure your loan. However, the Bank also accepts other forms of security subject to adequate coverage of the loan being provided to you. Types of security the Bank accepts include:

Legal mortgage on landed property. The property must be duly registered with a Certificate of Occupancy
Debenture on assets of the company

Bank Guarantee

External Guarantors with Notarized statements of Networth for loans below N10 million.
Please note that the Bank is willing to share assets previously pledged to other lenders provided the Bank’s loan is adequately covered in the arrangement. Also, note that the Bank is willing to accept third-party collateral.

7. Startup businesses

While the Bank under its general risk acceptance criteria requires a prospective borrower to have at least three years of acceptable performance track record, it can also lend to start-ups at its discretion and on a case-by-case basis. A startup would need to provide proof of cognate experience in its business area and would need to have a highly qualified management and operational team with a sound management structure.

8. You need to support your application with some documents

Please click to see the list of the documents you should be prepared to upload while you apply on this platform

Micro Credit

1. Formal Letter of Application

2. Photocopy of Certificate of Registration

3. Constitution and Bye-laws of Cooperative Society (only for Cooperative Societies)

4. Business Plan

5. Four (4) passport photographs of the Promoter (business owner)

6. Photocopy of the Current Tax Clearance Certificate of the Business Enterprise and the Promoter.

7. Photocopy of the International Passport or Driver’s License or National Identity Card of the Promoter.

8. Bank Statement of the Business Enterprise for a period of one (1) year (for an existing business).

9. Sales record for six (6) months and operating expenses.

10. Evidence of availability of Collateral Security (e.g. landed property, Individual Guarantor, etc.).

SME/Large Enterprise

1. Formal Letter of Application

2. Photocopies of Certificate of Incorporation and Certified True Copy of Memorandum and Articles of Association of the Company.

3. Photocopies of the Certified True Copy of Forms C02 and C07.

4. Business Plan.

5. Photocopy of title documents to project site (Statutory Certificate of Occupancy or Deed of Assignment).

6. Photocopy of Title Documents (Statutory Certificate of Occupancy or Deed of Assignment) to the Collateral Security. (This must be a landed property in an urban center).

7. Approved Building Plan (If new building).

8. Bill of Quantities or Contractor’s Estimate of Cost to be incurred on Factory Building.

9. Valuation Reports on Factory Building(s) (for existing projects) and property offered as Collateral Security.

10. Quotations for items of plant and machinery (at least 3 quotations from different sources).

11. Three (3) years most recent Audited Accounts of the company (for existing company).

12. Three (3) years most recent Tax Clearance Certificate for the Company and two (2) Directors.

13. Four (4) recent passport photographs of each of the two Directors and the Company Secretary.

14. Evidence of appointment of a Company

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