How to access CBN’s N220 billion MSME fund

How to access CBN’s N220 billion MSME fund

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 .

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

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16 Comments

  • Blessing A. Nwachukwu
    June 11, 2015, 12:49 pm

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

    REPLY
  • jude
    March 22, 2016, 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”

    REPLY
  • Dahiru Ahmed Diwa
    July 30, 2016, 4:56 pm

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

    REPLY
    • Adegoke Oyeniyi@Dahiru Ahmed Diwa
      August 1, 2016, 8:10 am

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

      REPLY
      • Alphonsus@Adegoke Oyeniyi
        May 2, 2017, 4:55 pm

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

        REPLY
      • Adetoro@Adegoke Oyeniyi
        July 19, 2017, 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.

        REPLY
  • Chiagozie
    September 28, 2016, 6:21 am

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

    REPLY
  • ONWE KENNETH
    January 16, 2017, 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

    REPLY

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