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
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