How To Access CBN’s N220 Billion Micro, Small and Medium Enterprises Development Fund (MSMEDF)
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?
. Cottage Industries
. 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)
2.3. Go to your bank or any of the following institutions to access the Fund:
. Microfinance Banks
. Commercial Banks
. Finance Companies
. NGO-Microfinance Institutions
. Development Finance Institutions, i.e. Bank of Industry and Bank of Agriculture
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:
09-46238600, 09-46238608 or 07080650000 or 07080651392
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.
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