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)
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
. 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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Like what U are doing. More grace
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
this scheme sounds interesting and encouraging. wish to know more and know how to go about it. thanks
Ok. Call me on 08060779290
My name is George Olaleye, please update me on Grant for 2019. Thanks my email is email@example.com. Thank You
My name is Aboim Oluchi Beulah, please update me on Grant
Essien Timothy please update me for more information about the grant
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.
My name is Olaleye George, Please I need a loan to start my new computer business/ ICT Service. Thank You
Our banks are not encouraging us because I had made attempt but they didn’t answer me
How can I apply for d loan
Please kindly update me on grant 2019.thank you very much
My email address is firstname.lastname@example.org
Plz kindly update me of grant/agto loan 2020.
My mail address is email@example.com.
I like this hope it’s easy to access as seen here
Pls,I need grant or loan to finance my agro fish processing business
Thanks so much
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.
Apply for this Covid-19 loan: How-to-Apply-for-Covid-19-N50bn-cbn-loan-for-Small-Businesses-and-Individual-Household-in-Nigeria
How cN I access the Loan facility
Uduak Daniel Akpan
Please how do I apply for this loan I seriously need money for my business
Nwachukwu Raymond Jude
Please update me on any loan/grant for SME businesses.