How to Access the CBN's N220 Billion Micro, Small and Medium Enterprises Development Fund (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 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 Fund is reserved for enterprises owned by women; 2% for persons living with disability and 10% for start-up businesses.


For more information, please send e-mail or call:
msmedf@cbn.gov.ng
09-46238600, 09-46238608 or 07080650000 or 07080651392

What about media & entertainment?

MSPConcept:
What about media & entertainment?

I think that falls under Services!

Barblow:



I think that falls under Services!

Any collateral needed?

What about transport sector

MSPConcept:


Any collateral needed?

Not sure, but you can contact the numbers underneath the post!

Barblow:


Not sure, but you can contact the numbers underneath the post!

OK, Thanks.
Can I obtain the form from any bank? e.g UBA, GTBank, etc

MSPConcept:


OK, Thanks.
Can I obtain the form from any bank? e.g UBA, GTBank, etc

Yea, but take along your Business plan or statement.

Barblow:



Yea, but take along your Business plan or statement.

WOW, THANKS

This is a brilliant information that should make the front page not selfies taken by artistes.

soke92:
What about transport sector

That falls under Services as well

labamo07:
This is a brilliant information that should make the front page not selfies taken by artistes.

Yea, you can find the detailed information on Punch newspaper of Monday, 23rd March, 2015 (p.54)

good initiatives

u guys ar saying good initiative, do u think is easy like that. Pls i give me more details.

40dogzz
Have said it all is not easy as the op pant it to be there will be a lot of this and that.
But we can always try.

two head is better than 1, even the bible said so. If any1 can parter with me lets see how we can brain storm & access this loan. Ladies u ar also welcome coz u people have the upper hand here. u can send me email petmore54@gmail.com, am in abuja. Am have passion 4 agric & food but ur ideas ar also welcome.

40dogzz:
u guys ar saying good initiative, do u think is easy like that. Pls i give me more details.

Please check the Punch newspaper of Monday, 23rd March, 2015 (p.54) for more details or call any of the numbers in the above post.

kentochi:
40dogzz
Have said it all is not easy as the op pant it to be there will be a lot of this and that.
But we can always try.

Yea! There is no crime in trying...

40dogzz:
two head is better than 1, even the bible said so. If any1 can parter with me lets see how we can brain storm & access this loan. Ladies u ar also welcome coz u people have the upper hand here. u can send me email petmore54@gmail.com, am in abuja. Am have passion 4 agric & food but ur ideas ar also welcome.

I like your initiative

I was at 1st Bank Aba road PHC today to enquire 4 it today, but d told Me d ain't aware of such. Tomorow I'll try FCMB

chimaude:
I was at 1st Bank Aba road PHC today to enquire 4 it today, but d told Me d ain't aware of such. Tomorow I'll try FCMB

You can try Bank of Industry (BOI) if you have a branch in your state

chimaude:
I was at 1st Bank Aba road PHC today to enquire 4 it today, but d told Me d ain't aware of such. Tomorow I'll try FCMB

I downloaded the pdf from CBN website, hmmm the procedures for the loan no easy at all ooo, bt dnt give up sha

MSPConcept:

I downloaded the pdf from CBN website, hmmm the procedures for the loan no easy at all ooo, bt dnt give up sha

Nothing good comes easy...

commercials banks are [size=20pt]ba$tards[/size]

commercials banks are [size=20pt]crooooks[/size]

they collect this 220Bn at 9% and they use it for they loans at 26% like construction etc...

do you really believe banks are gonna help poor get richer !!

i had a plan for a small production line ( 8M needed for machines and 2M for warehouse ) they wr askn for collateral and 26% !!

thieves ba$stards croocks

some commercials banks should be closed under d chapter 419 and their fat pigs managers should be arrested by EFCC

chimaude:
I was at 1st Bank Aba road PHC today to enquire 4 it today, but d told Me d ain't aware of such. Tomorow I'll try FCMB

no sir
they are aware
they are fkn aware
they r bloody aware

but they collected that money from CBN and they will make fake papers that they will borrow us for 9% !! while the y will use for commercial loans and investment like estates and construction etc... and they will collect 26% + collateral (plotted land)

What is the possibilities of one getting the loan,u know how things play out in the country

What is the possibilities of one getting the loan?u know how things play out in the country

amadu777:


no sir
they are aware
they are fkn aware
they r bloody aware

but they collected that money from CBN and they will make fake papers that they will borrow us for 9% !! while the y will use for commercial loans and investment like estates and construction etc... and they will collect 26% + collateral (plotted land)

Maybe I should try Banks of Industry (BOI) and or Bank of Agriculture (BOA) that is nearer! Cos what you ssid of commercial banks are most true!

Barblow:



Maybe I should try Banks of Industry (BOI) and or Bank of Agriculture (BOA) that is nearer! Cos what you ssid of commercial banks are most true!

Please keep us posted

I wonder y CBN doesn't pay direct ?

Pls which bank u advice one to contact for the loan

amadu777:


Please keep us posted

I wonder y CBN doesn't pay direct ?

Lets tell ourselves the truth, this govt is not ready for smes, is just lip service. If u don't have connect u can't get it. I laugh when i said i have connect in youwin & some people said am a lier. No be 9ja again?

amadu777:


Please keep us posted

I wonder y CBN doesn't pay direct ?

CBN is too big to engage in such transaction