How to access CBN’s N220 billion MSME fund

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Last year we published the establishment of the CBN N220 billion MSME fund. Finally, the Central Bank of Nigeria (CBN) has published the procedure for accessing the N220 billion MSME fund. Find text below.

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)

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 CBN N220 billion MSME 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:
[email protected]
09-46238600, 09-46238608 or 07080650000 or 07080651392

happywheels

I believe Africa's entrepreneurship stories must be told!

16 Comments

  1. Blessing A. Nwachukwu

    June 11, 2015 at 12:49 pm

    i want to fill the CBN form online but do not know how to go about it, can you assist me

    • Wole

      November 24, 2015 at 12:26 pm

      The form is not online, you have to approach your bank.

  2. jude

    March 22, 2016 at 6:00 pm

    Nice one. I was at the state secteriate in Ph when the crowd was filling the form for disbusment through one MFB. It seems people where not aware what the funds where for, their was this general feeling of “national cake have come again”

  3. Dahiru Ahmed Diwa

    July 30, 2016 at 4:56 pm

    Please how can I access the loan. I tried all the requirement but… a diffrent story

    • Adegoke Oyeniyi

      August 1, 2016 at 8:10 am

      What was your experience? Please expatiate, so we would know how we could be of help.

      • Alphonsus

        May 2, 2017 at 4:55 pm

        When and how will the money be paid back is it monthly or yearly?

      • Adetoro

        July 19, 2017 at 9:24 pm

        Am just hearing about this. Do I just walk to any bank. Presently I have my business account with FBN, I am into coeducational services. I went for CBN- Entrepreneur training at Samonda Ibadan. We all ask to write a business plan. But nothing is forth coming. Pls enlighten me more.

  4. Chiagozie

    September 28, 2016 at 6:21 am

    please do I need to write a business proposal for the loan?

  5. ONWE KENNETH

    January 16, 2017 at 8:29 am

    Please I have a supermarket in an Emerging area and it has been running for months now.am a serving corper in Ekiti…I really need to expand my business but am short of finances…meanwhile the business is located in Ebonyi where I live…please I need help to access this fund to enable me expand and employ more hands….thank you sir

  6. John

    April 27, 2017 at 10:34 am

    Commercial banks are not giving it out at 9%

  7. John

    April 27, 2017 at 10:35 am

    Which commercial bank am I to use to get it

  8. muibi adejumoke

    May 10, 2017 at 8:06 pm

    is the programme still on..please

    • NENUBARI

      July 7, 2017 at 9:24 pm

      HOW DO I IS IT STILL ON. AND HOW DO I START.

  9. Ese

    July 20, 2017 at 4:21 am

    Please let me know if this package covers upcoming private schools and if all commercial banks are involved.Thanks.

  10. Abayomi Ofarn

    July 22, 2017 at 10:56 am

    We have a group of young and old farmers that are willing to take to Farminig full tonne and go great exploits but have difficulty in accessing agriculture cheap funds
    Is there a resource center they call up to? And will there be any one to assist them?
    Kindly give a reply
    PAO

  11. Benedict Ehis

    October 17, 2017 at 5:57 pm

    hello sir, am a diploma holder. I have experience in gambling business, i also need loan to start my own. Can it be granted to me? Is there any collateral involved. What are the processs involved?

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