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?
. 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
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
As a leading business development service provider in Nigeria, Dayo Adetiloye Business Hub has been recognized and certified by Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in Conjunction with Enterprise Development Centre (EDC), Pan-Atlantic University (PAU) of the Lagos Business School (LBS).
Our solutions are designed for MSMEs and are supported by deep insight into various industries and extensive experience acquired from over the years by supporting our clients as partners in their business transformation.
Through our services and business activities, we help individuals/entrepreneurs transform their business ideas into a business venture, and support existing business to scale or expand their operation. We also connect startups and MSMEs with opportunities and resources for their business growth.
We have Consulted for more than 5000 MSMEs in the last 6 years in various industry including Agro-processing, Consulting, Training and Education, Financial Services, Waste Management, Renewable Energy, Oil and Gas, Construction, Real Estate, FMCG, Digital Marketing, Personal Branding etc.
Our Vision:
To become the leading grassroot business Hub that provides Business
Development Services in the global online community
Mission Statement:
- Provide bespoke management and business planning consultancy
- To connect MSMEs with opportunities and resources for their business startup, growth and expansion through trainings, seminars, coaching, consulting, mentoring, and Angel investing.
- To inspire, empower and champion entrepreneurship in the global online community.
Business Goals and Objective
- Engender national prosperity by contributing to the creation of at least 100 new businesses every year
- Become a go-to brand for outstanding business development services for MSMEs
- Strategic partnership with local and international organization to empower start-ups
- Continuous innovation to serve our clients better
Core Values:
Integrity
Opportunity Maximization
Digitalization
Personal Development (Capacity Building)
Excellent Customer Satisfaction
Timeliness
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Dorcas Kundam
Like what U are doing. More grace
ben
nice insight
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
Florence frank
this scheme sounds interesting and encouraging. wish to know more and know how to go about it. thanks
Dayo Adetiloye
Ok. Call me on 08060779290
Olaleye George
My name is George Olaleye, please update me on Grant for 2019. Thanks my email is olaleyegeorge@gmail.com. Thank You
Abiom Beulah
My name is Aboim Oluchi Beulah, please update me on Grant
Essien Timothy
Essien Timothy please update me for more information about the grant
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.
Olaleye George
My name is Olaleye George, Please I need a loan to start my new computer business/ ICT Service. Thank You
Sixtus
Our banks are not encouraging us because I had made attempt but they didn’t answer me
Sonia
How can I apply for d loan
Olubunmi Ashiru
Please kindly update me on grant 2019.thank you very much
My email address is lubunmi5@gmail.com
Ode Godwin
Plz kindly update me of grant/agto loan 2020.
My mail address is ohahabest@gmail.com.
Thanks
Ubong
I like this hope it’s easy to access as seen here
Alimi
Pls,I need grant or loan to finance my agro fish processing business
Chioma Ngene
Thanks so much
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.
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
Kefas Azenu
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.