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How To Access CBN’s N220 Billion Micro, Small and Medium Enterprises Development Fund (MSMEDF)

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N220 Billion Micro, Small and Medium Enterprises Development Fund 1

How To Access CBN’s N220 Billion Micro, Small and Medium Enterprises Development Fund (MSMEDF)

N220 Billion Micro, Small and Medium Enterprises Development Fund

Finally, the Central Bank of Nigeria has published the procedure for accessing the fund.

The details are here:

1.0 Is your business in any of the following areas?
. Agriculture
. Manufacturing
. Cottage Industries
. Artisanship
. Services
. Trade and general Commerce
. Renewable energy/energy efficient products and technologies
. Other income generating projects as may be prescribed by the CBN

2.0 If “Yes”….
2.1 Prepare your business plan or statement on how much you want for your business
2.2. You can get loan of up to:
(a) N500,000.00 for your micro-business; and
(b). N50 million for Small & Medium Enterprise (SME)

Read Also: How-to-Apply-for-Covid-19-N50bn-cbn-loan-for-Small-Businesses-and-Individual-Household-in-Nigeria

2.3. Go to your bank or any of the following institutions to access the Fund:
. Microfinance Banks
. Commercial Banks
. Cooperatives
. Finance Companies
. NGO-Microfinance Institutions
. Development Finance Institutions, i.e. Bank of Industry and Bank of Agriculture

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3.0. Tell your bank how much you need

4.0. Your bank will discuss your request and provide you the money
4.1 The maximum interest rate of 9.0% p.a (charges inclusive) is applicable to all loans

5.0. Period for the repayment of the loan:
a) For micro business, it is a maximum of one year
b). For small and medium enterprises, it is a maximum of three years

NOTE: 60% of the Fund is reserved for enterprises owned by women; 2% for persons living with disability and 10% for start-up businesses.

There have been reports of bank branches claiming ignorance of the fund. In that eventuality or for more information, please send e-mail or call:
msmedf@cbn.gov.ng
09-46238600, 09-46238608 or 07080650000 or 07080651392

 Source: enterprise54.com

 

Note: We at Dayoadetiloye.com only write business plans and you need to go to your bank for any loan applications. Thanks.

If you want update on Grants / Loan / Business opportunities, drop your email below.

 

Read Also: Apply-for-N10-Million-CBN-AGSMEIS-Loan-Today

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22 Comments

  1. Dorcas Kundam

    Like what U are doing. More grace

    October 14, 2015
  2. ben

    nice insight

    October 26, 2015
    • Enobong

      Derr sir my name is Enobong William usen I want to apply for a loan for my small scale business how do I go about it thanks you

      April 24, 2020
  3. Florence frank

    this scheme sounds interesting and encouraging. wish to know more and know how to go about it. thanks

    December 2, 2016
    • Dayo Adetiloye

      Ok. Call me on 08060779290

      December 3, 2016
  4. Olaleye George

    My name is George Olaleye, please update me on Grant for 2019. Thanks my email is olaleyegeorge@gmail.com. Thank You

    May 25, 2019
  5. Abiom Beulah

    My name is Aboim Oluchi Beulah, please update me on Grant

    July 7, 2019
  6. Essien Timothy

    Essien Timothy please update me for more information about the grant

    July 10, 2019
  7. Godwin

    Pls I’m a startup going into business development and savings solution in terms of (cooperative) . I need advice and guidance. I currently need an expansion loan. I need help. I have got a good marketing plan.

    July 16, 2019
  8. Olaleye George

    My name is Olaleye George, Please I need a loan to start my new computer business/ ICT Service. Thank You

    July 17, 2019
  9. Sixtus

    Our banks are not encouraging us because I had made attempt but they didn’t answer me

    September 19, 2019
  10. Pingback: HOW TO SETUP A MICROFINANCE BANK - Youth Entrepreneurship
    October 15, 2019
  11. Sonia

    How can I apply for d loan

    November 11, 2019
  12. Olubunmi Ashiru

    Please kindly update me on grant 2019.thank you very much
    My email address is lubunmi5@gmail.com

    November 25, 2019
  13. Ode Godwin

    Plz kindly update me of grant/agto loan 2020.
    My mail address is ohahabest@gmail.com.
    Thanks

    January 9, 2020
  14. Ubong

    I like this hope it’s easy to access as seen here

    January 21, 2020
  15. Alimi

    Pls,I need grant or loan to finance my agro fish processing business

    February 10, 2020
  16. Chioma Ngene

    Thanks so much

    March 5, 2020
  17. Solomon Fasanya

    Hello Mr Ayoadetiloye I appriciate you opening the eye of the youth on how get loan,but I want you to tell us were are we missing it or it is the banks that are not sincer ,they tell us come we give you loan without collateral getting there what they ask is collateral,you can see most comments eg that of Sustus and some. Please we have innovation we need loan the vision rout away in us.I am Fasanya S.B.

    April 16, 2020
    • Dayo Adetiloye

      Apply for this Covid-19 loan: How-to-Apply-for-Covid-19-N50bn-cbn-loan-for-Small-Businesses-and-Individual-Household-in-Nigeria

      April 16, 2020
  18. Kefas Azenu

    How cN I access the Loan facility

    July 15, 2020
  19. Uduak Daniel Akpan

    Please how do I apply for this loan I seriously need money for my business

    August 20, 2020
  20. Nwachukwu Raymond Jude

    Please update me on any loan/grant for SME businesses.

    August 30, 2021

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