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How to Apply CBN N68 Billion Loan – CBN’s 100 for 100 Policy Scheme

July 26, 2022 By Amitverain Leave a Comment

How to Apply  CBN N68 Billion Loan from CBN’s 100 for 100 Policy Scheme

The Central Bank of Nigeria has asked applicants to submit various documents to obtain a loan of up to N68 billion under the 100 for 100 policy scheme..

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Loan applicants are required to submit various documents for obtaining loan up to N68 billion.

Documents requested include registration certificate from CAC, three years audited financial reports and other necessary documents.

Recently, Nigeria’s top bank, the Central Bank of Nigeria, released the names of the beneficiaries of its N23.2 billion loans under the 100 for 100 policy on production and productivity (PPP).

Applicants applying for a loan should be aware that the CBN loan limit is B5 billion, however, applicants can save more than the N5 billion threshold subject to CBN approval.

CBN will select 100 private sector companies that have projects that have the potential to boost local productivity and have foreign exchange potential for Nigeria.

CBN Loan limits types

CBN N5Billion PPP Loan

Companies importing equipment and machinery can secure long-term debt, including working capital loans. They will be part of 100 for 100 interventions. The initiative has set a maximum lending limit of N5 billion and they need to get CBN approval for loans above the N5 billion threshold.

Applicants can take up to 10 years to repay the loan and it can stay till December 31, 2031 whereas in working capital it will have one year period with the option to roll over for three years. A two-year mortuary will also apply.

Access to up to N5 billion CBN Loan

According to Emefiele, according to the law, the bank released N9.98 billion for five projects which brought the disbursement of funds as input to N68.13 billion for 48 projects, which included 26 constructions goods, 17 in Agriculture, three in medicine and two. in the service industry.

CBN sets guidelines for beneficiaries

The statement said that the broad objective of the initiative is to reverse the country’s over-dependence on imports by creating an ecosystem that targets and supports job creation. appropriate with the ability to change and promote business outcomes.

Requirements for collateral

Collateral acceptable under the CBN’s Real Sector Support Facility applies to the 100 for 100 PPP initiative.

The monthly interest on the facility shall be amortized and transferred quarterly with principal repay

How to apply

Companies keen on the loan are to submit their applications to commercial banks with requisite documentation, which includes:

Evidence of company incorporation with Corporate Affairs Commission (CAC)

Three years of audited financial reports.

Evidence of the company’s creditworthiness, including its promoters and directors.

A minimum of two credit reports of the company and directors.

Business plan of the underlying project in need of financing.

Detailed status report on project’s capacity utilization, production output, productivity/efficiency level, employment level, value creation.

Detailed report on the post-financing economic benefit of the project.

Applicants shall notify CBN of submitted applications via a dedicated online portal https://100for100ppp.ng/ for tracking and monitoring application status.

Companies Fight For CBN’s N23 Billion

VON reports that about 243 companies have applied for loan schemes through the Central Bank of Nigeria (CBN). Finally, the Central Bank of Nigeria (CBN) listed 28 companies whose projects pleased the bank’s terms for a “100 for 100 policy for production and productivity”.

The apex bank said this was after 243 firms submitted applications for 100 loan schemes with projects worth N321.06 billion.

CBN Loan News

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