How to access loan from cbn

How to Access CBN Loan for Businesses in Nigeria

by

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 a CBN loan for businesses in Nigeria.

After sharing a post on how to apply for CBN business loans through Heritage Bank, we continued to receive messages from people complaining that the application link is not functional.

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

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

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

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.

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.

Important thing to note:

  • 60% of the fund is reserved for enterprises owned by women
  • 2% for persons living with a disability, and
  • 10% for start-up businesses.

Note: There have been reports of some bank branches claiming ignorance of the loans.

If that is the case, kindly e-mail or call CBN at msmedf@cbn.gov.ng, 09-46238600, 09-46238608 or 07080650000 or 07080651392.

Disclaimer: We at nyscinfo.com have nothing to do with this loan. Our job is to dispense information which we have done.

Other loan opportunities

Source: Nyscinfo

31 thoughts on “How to Access CBN Loan for Businesses in Nigeria”

  2. Sir

    Good morning, I concluded my NCE program I offer a course business education I specialized in business sir please I beg u in the of god assist to obtain the loan.

    Reply

  9. I just concluded my service last year and I am looking for loan to start up my business, to become self reliance

    Reply

  11. Pls wich requipment u need, a wnt d loan seriously. Covid19 really touch my business i need help, to reboost my business

    Reply

  18. Hello am Adagba Hannah from benue state i need a Loan pls to expand my food stuff business i will be very grateful if my request is granted.

    Reply

  23. Hello sir
    I am from jigawa state of Nigeria,birnin kudu local government area I leave in birnin kudu also ex copper in ebonyi state.sir I need this loan to expand my agricultural products. thanks
    I hope my application will be consider

    Reply

  24. Hello Sir. A’m from katsina state of Nigeria , musawa l.g . area.
    I leaving in jikamshi town under MUSAWA l.g. I need to have the loan to expend my business .
    Thanks you sir , I wishing you the best.

    Reply

  25. Hello sir am a serving copper currently in osun state, I have a food processing business (table water production) that I need some money to revive. Please have tried almost all the sources for nysc cbn loan but nothing is coming out, please can you help me and get the loan?

    Reply

  26. I’m Ojomo Jimoh Gbenga,a graduate of Adukunle ajasin University ondo state, I’m from ondo state but currently serving as a corps member.the fear of what to engage myself into after my NYSC program is giving me concerns, so I need this loan to start my agricultural productions. thanks

    Reply

  27. Hello sir,am a currently serving my father land here in abia state,i come to noticed that fabrics are cheap here and expensive in the north.
    i intend to start the bussiness,can this kind of bussiness be accepted too？

    Reply

Leave a Comment