EDO STATE GOVERNMENT-BANK OF INDUSTRY MSME FUND

BRIEF ON THE EDSG-BOI MSME FUND

Background


The Edo State MSME Fund is an initiative of His Excellency Governor Godwin Obaseki. The Fund is managed by the Edo State Skills Development Agency in partnership with the Bank of Industry to provide financial and other business support services to qualified entrepreneurs involved in Micro, Small and Medium Enterprise [MSME] businesses located in Edo State.


Features of the Fund

  • Funding Type
    1. Term Loan (TL): For the procurement of machineries, equipment and fittings
    2. Working Capital (WC): For the procurement of raw materials and inputs.
  • Obligor Limit:
    1. Microcredits: From N1million to N10million
    2. SMEs: From N10 million to N20 million
    3. Note: Consideration may however be made, based on merit and at the discretion of BOI in collaboration with its Development partner, for projects which do not fall under the agreed limits.
  • Interest Rate:
    1. Term Loan: 5% per annum
    2. Working Capital: 6% per annum
      Other Charges:
    1. Appraisal fee: 1%
    2. Administrative Fee: 4% (one-off; could be capitalized)
    3. Commitment fee: 0.5% (only applicable to loans from N10m and above)
  • Recommended Loan Application Vehicles:
    1. Microcredits: Enterprises
    2. SMEs: Limited Liability Companies
  • Target Beneficiaries: MSMEs in the following Sectors
    1. Manufacturing and Processing.
    2. ICT, Digital Marketing and E-commerce.
    3. Transportation
    4. Creative Industry and Entertainment.
    5. Agribusiness and its value chain.
    6. Healthcare and Fitness.
    7. Education.
    8. Renewable Energy.
    9. Eateries and Cafeterias
    10. Cold chain business (cold-room and ice block production) and other Real sector support services.
    11. Distributors of made in Nigeria products.
    12. Arts and Crafts
    13. Solid Minerals Processing.
  • Security Arrangement:
    1. Microcredit Loan (from N1 million to N10 million)
      • Provide 2 credible Guarantors
      • 10% Security deposits
      • Postdated Cheques for Loan Repayment
      • Credit Life Insurance of the Chief Promoter.
    2. SME Loan (From N10 million to N20 million):
      • Bank Guarantee from any acceptable Commercial Bank (Letter of Intent is required at the point of application)
      • Legal Mortgage on a developed landed property located in an urban area.
      • Undated cheques for monthly loan repayment
      • Credit Life Insurance of the Chief Promoter.
      • Etc
  • DOCUMENTS THAT COULD BE DOWNLOADED

    EDSG-BOI Approval Checklist
    Download

    EDSG-BOI Guarantors Form
    Download

    Guarantors Statement of Networth
    Download

    Acceptable Guarantors
    Download

    SMEs Loan Application Form
    Download

    SMEs Pre Approval Checklist
    Download

    Microcredits Pre Approval Checklist
    Download
    Upload Completed Forms Here

    Loan Application Process:

    • Must become a member of the EdoJobs Business Community. Join here
    • Download and fill out the application form appropriately.
    • Submit the loan application form along with other loan application documents to
      1. BOI office at the Edo Production Centre, Sapele Road, Benin City, Edo State.
      2. Edojobs Office, Edo Government House, Benin City.
      3. Edo Innovates Office, 59 ICE Road , Off Wire Road, Benin City.

    Contact:

    • Mr. Omondiagbe Chris – 08039405282
    • Miss Freda Anyanwu - 08137971498
    • Mr. Joseph Ojoboh – 07065056636
    • Mr. Collins Idiahi – 07035895702
    • Mr. Pascal Iyamu – 08067195820
    • Mr. Orlando Oaikhena – 08060294946
    • Mr. Joseph Edom – 08103076240

    BOI Loan Application Form for MSMEs
    Apply here

Edo State Skills Development Agency (ESSDA)

Contact Us


Address:
Edo State Government House, Oka,
Benin City, Edo State

Email: edostate@gov.ng

About Us

The Edo State Skills Development agency was established by the Edo State Government to ameliorate the rate of youth unemployment through skills development and job creation, which will in turn improve the lives of the residents of Edo State. Having commenced in March 2017 as a program under the office of the Governor, it was initially known and referred to as Skill Development Program now Edojobs. It kick started its activities with a state wide registration of over 100,000 unemployed persons. With the initial target to create 200,000 jobs, which it has since surpassed, the agency has impacted positively in the skills level and economic wellbeing of residents as well as the State.


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