How to apply for CBN MSME Development Fund (MSMEDF) 2022 » Voice of Nigeria
How to apply for CBN MSME Development Fund (MSMEDF) 2022
How to Access CBN’s N220 Billion Micro, Small and Medium Enterprises Development Fund (MSMEDF)
How to benefit from the N220 Billion MSMEDF
- 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 H “Yes”…
- 2.1 Prepare your business plan or statement on how much you want for your business
- 2.2 You can get a loan of up to:
(a) N 500,000.00 for your micro-business; and
(b) N 50 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-Microfinonce Institutions
• Development Finance Institutions, i. e. Bonk 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 ot 9.0% p.a (all charges inclusive) is applicable to all oans
5.0 Period for the repayment of the loan :
a) For micro business, it is a maximum of one year
b) For Small ond 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.
