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)
CBN MSMEDF Loan Requirement
- PFIs must send requests to the Fund in a specific format.
- The CBN can issue regulations from time to time.
- Applications will be handled until they are received in their entirety. there is documentation
- The CBN will make the terms and conditions of the agreement public. Within one month of application, the Grant will be accepted.
Management and Administration of the Fund
The CBN will administer the Fund in accordance with the Guidelines’ terms and conditions. In addition, the office in charge of the Fund’s women’s portion must be led by a woman.
The Fund will have a Steering Committee chaired by the Governor of the Central Bank of Nigeria, which will be established in accordance with the authorized shareholding structure. Other participants will be:
- The Deputy Governor for Financial Systems Stability;
- Representatives from: Incorporated Federal Ministry of Finance (MoFI)
- RUFIN (Federal Ministry of Agriculture and Rural Development)
- Nigeria Deposit Insurance Corporation (NDIC)
- National Association of Microfinance Banks (NAMB)
- Association of Non-Bank Microfinance Institutions of Nigeria (ANMFIN)
- Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)
- The Banker’s Committee Ministry of Women Affairs and Social Development (MWA&SD)
- Director, Development Finance Department of CBN
- Head, MSME Development Fund Office, Development Finance Department, CBN (Secretary)
How to benefit from the N220 Billion MSMEDF
- 1.0 Is your business in any of the following areas?
- Cottage Industries
- 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
• 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.