About the MSME Loan Program
Akwa Ibom State Government, in collaboration with the Bank of Industry (BOI), is committed to fostering the growth and success of Micro, Small, and Medium Enterprises (MSMEs) across the state. We’re proud to announce the N4 Billion MSME Loan program, designed to provide vital financial support to drive your business forward.
Programme Objectives
This initiative is a strategic investment in Akwa Ibom’s entrepreneurial spirit, aiming to:
Job Creation
Generate 5000+ new employment opportunities across various sectors, empowering Akwa Ibom residents and boosting local economies.
Facilitate Business Growth
Provide accessible capital to enable MSMEs to scale operations, invest in new technologies, and expand market reach, fostering sustainable business expansion.
Drive Economic Growth
Stimulate economic activity by injecting vital funds into the MSME sector, contributing to increased GDP and overall economic development of Akwa Ibom State.
Boost Agricultural Productivity
Empower farmers and agribusinesses with the resources needed to improve yields, adopt modern farming techniques, and enhance food production, ensuring food security and agricultural sustainability.
Reduce Production Costs
Offer affordable financing solutions to help businesses manage operational expenses, improve efficiency, and enhance competitiveness in the market.
Enhance Household Welfare
By supporting MSMEs, the program aims to improve the financial stability of households, creating a ripple effect of positive economic impact across communities.
Eligibility Criteria
- Own a Micro or Small, or Medium Enterprises.
- Business headquartered must be in Akwa Ibom State
- Business must be registered business with CAC.
- Applicant must Must have a valid means of identification.
Loan Application Process
We’ve streamlined the process to make it easy for you!
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Step 1: Submit Application Online
- Fill out the online form with accurate business details.
- Link to Application Form.
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Step 2: Document Verification
- Upload all required documents.
- Ensure clarity and legibility. -
Step 3: Capacity Training with Ibom-LED
Eligible applicants will undergo business training to strengthen financial and managerial skills.
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Step 4: Approval & Disbursement by Bank of Industry
- The Bank of Industry reviews applications and conducts final due diligence.
-Funds are disbursed directly to the approved suppliers
AKSG-BOI MSME Loan
Eligible business owners of Akwa Ibom origin with enterprises based in the state can access government-backed financial support to scale and sustain their businesses.
Frequently Asked Questions
How much loan can I get as a Micro, Small, or Medium Enterprise?
The loan amount you can receive depends on the obligor limit for Micro, Small, and Medium Enterprises (MSMEs):
- Micro Enterprises: Up to ₦10 million
- Small and Medium Enterprises: ₦10 million – ₦100 million
What is the interest rate?
The interest rate for the AKSG-BOI MSME Loan is designed to be competitive and affordable for small businesses.
- Term Loan: 7.5% per annum
- Working Capital Loan: 8.5% per annum
How long does approval take?
Approval timelines vary, but applications typically undergo review within 2-4 weeks. Ensure all required documents are submitted correctly to avoid delays.
Can I apply if I don’t have CAC registration?
No, a Corporate Affairs Commission (CAC) registration is required for eligibility. However, if your business is not yet registered, we recommend starting the process before applying.
What is the loan tenure?
- Term Loan Facility: Ranges from 3 to 5 years, depending on the loan amount and business needs.
- Working Capital Facility: Maximum tenure of 3 years, ensuring flexibility for short-term operational expenses.
Who can I contact for assistance?
For inquiries or assistance with your application, reach out to:
Email: info@aksgboiloan.akwaibominvest.ng
Phone: 07089679994
Office Address: AKICORP Office, Investment House,
143 Olusegun Obasanjo Way, Uyo, Akwa Ibom State