CBN MSMEDF Loan 2020/2021 All you Need to Know
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The Central Bank of Nigeria recently published the application guidelines on how to access the MSMEDF loan for qualified and interested entrepreneurs, SME and starts-up to get their desired fund.
Find bellow the short guidelines on how to apply for the loan without collateral.
1. Visit 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.
2. Tell your bank how much you need.
3. Your bank will discuss your request and provide you the money.
Please Note: The maximum interest rate of 9.0% p.a (charges inclusive) is applicable to all CBN loans.
Important Information to Note:
- There have been reports of bank branches claiming ignorance of the fund. In that eventuality or for more information, please send e-mail: [email protected] OR call 09-46238600, 09-46238608 or 07080650000 or 07080651392.
- Micro businesses are expected to repay approved loans at a maximum of one year while small and medium enterprises should repay back at a maximum of three years.
- Remember, you can get the CBN loan at your current bank or the aforementioned if necessary.
- You must have a business plan or statement on how much you want for your business before the CBN Loan can be approved to you.
This is just a summary of the article, to get the full article which provides more details and procedures for applying, click here.
If you have any challenge, comment below and I will attend to your questions.
Best Luck
ABEL WEALTH
My email address is Benimachukwu60@Gmail. Com. My challenge is that I have the EDI certificate, my company registration and business i sent to simplified credit but I have not been called for interview. I am from Enugu state of Nigeria. Please help me. I need this loan to start my F I S H farm business. Thank you and God bless. Imachukwu Benjamin chigozie.
Hi Ben, How much did you apply for and which category, kindly specify
My email address is aliyuausman5@gmail.com My problem is that i ve all my papers intact EDI Certificate, company registration and business.I request for a credit to start a business but i have not been called for interview . I reside in Kano and i need this loan to start my poultry farm. Thank you.
Hi Aliyu,
I’m thinking, your business plan might not be in compliance with the requirements.
However, you can mail me your business plan so i can review and give recommendations.
Here is my personal mail, abelwealthdiary@gmail if you wish for a review on your business proposal.
Best wishes.
Hi…. Good morning Abel Wealth. Please I would love to apply for the loan but I really don’t know how to get the form talkless of filling it for the loan.. Please do you know how I can come in contact with one please cos I really need the loan to get myself back on my feet… Tank u very much n God bless u