700,000 Manufacturers, MSMEs Apply For Federal Government N150bn Loan

covenant, and adhere to global standing instruction and other securities as required by the bank.

On repayment frequency, it entails a monthly equal instalments with no moratorium, spanning a three-year term.

“For manufacturers, for loans up to N1bn, applicants must choose between working capital or asset financing, maintain at least a six-month business/corporate banking relationship, and provide additional documentation as required by the bank.

“Asset financing comes with a five-year repayment period, and working capital financing includes a six-month moratorium on principal and interest, followed by a 12-month equal instalment repayment plan,” the minister said.