Entrepreneurs can now get any amount they need to grow their
business. Loan amount between #500,000 and #50million at 9% Interest From Nigerian
Banks
Finally, the Central Bank of Nigeria has published the procedure for accessing the 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
. 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)
2.1 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
. 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
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
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
msmedf@cbn.gov.ng
09-46238600, 09-46238608 or 07080650000 or 07080651392
For assistance on preparing your business plan and processing the loan, feel free to contact us at Rhegos Resources, Suite B31-32, Uno Plaza, Lonlo, Ifako-Ijaiye, Lagos, 08168779399.
Follow us on twitter @RhegosNG or facebook.com/Rhegos
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