BoI Gives Conditions To Benefit From FG’s Grant Scheme

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The Bank of Industry (BoI) has said that valid residential/business addresses and relevant personal and bank account information are very crucial for over 1,000 nano business owners to benefit from the Presidential Conditional Grant Scheme (PCGS).

The grant is to be disbursed by the Bank of Industry (BoI) at a Nine per cent interest rate across the 774 LGAs across the nation and the six Council Areas in the FCT.

The conditions also include a Bank Verification Number (BVN) and National Identification Number (NIN) for verification of identity. The beneficiary must meet the application submission deadline for the scheme, stated Olasupo Olusi, the Managing Director of BOI, who recognises the vital role of funding in the economy.

He emphasised BOI’s dedication to the growth of MSMEs and stated that 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 back. To be eligible, beneficiaries must own a Nano business, 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.

The PCGS is a N50 billion grant scheme to support eligible nano business owners for which the Ministry of Industry, Trade, and Investment has set up three funds amounting to N200 billion to support businesses throughout the country.

The three initiatives are the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund.