How to Access CBN Loan for Businesses in Nigeria

Do you need a loan from the Central Bank of Nigeria (CBN) to fund your business? If ‘yes’, you are on the right page. In this article, we will show you how to easily access CBN loan for businesses in Nigeria.

After sharing a post on how to apply for CBN business loans through Heritage bank. We keep on receiving messages from people complaining that the application link is not functional.

So, while we wait for the Heritage Bank to active the online loan application link, let’s look at the alternative way you can access the CBN loan for businesses. You might even prefer this alternative way to the previous method. See the list of all federal government free-interest loans.

Here we shall look at how to access loan from CBN for businesses in Nigeria through Micro, Small and Medium Enterprises Development Fund (MSMEDF) programme.

Business categories eligible for CBN loans

Your business must relates to any of the following field;

Agriculture
Artisan ship
Manufacturing
Cottage Industries
Trade and general Commerce
Services
Renewable energy/energy efficient products and technologies
Other income-generating projects as prescribed by the CBN

Also Read: GEEP 2.0: FG Issues Interest-free Loans To 98,000 Nigerians

So, if your business falls within any of the above-mentioned categories, you are good to apply. You can access up to N500,000 for Micro-business, and N50 million for Small & Medium Enterprise.

Procedures to access CBN loans

To access loan from the Central Bank of Nigeria (CBN), follow the procedures below;

1) Prepare your business plan or statement on how much you want for your business.

2) Go to your bank or any of the following financial Institutions with your business plan;

Commercial Bank
Microfinance Banks
Cooperatives
NGO-Microfinance Institutions
Finance Companies
Development Finance Institutions, i.e. Bank of Industry and Bank of Agriculture.

3) Submit your business plan to your bank.

Need Federal Govt Free-Interest Loan? =>See Here.

4) Your bank will process your request.

5) The bank will also guide you on other requirements.

Note: The maximum interest rate of 9% per year applies to the loan. Period for the repayment of the loan are 12 months for micro business, and 36 months for small and medium enterprises.

Also Read: How To Easily Get NYSC ETC Quick Cash Loan

Important thing to note: