How To Access Central Bank Loan For Your Business Without Collateral

Have you been searching on how to get the Central Bank of Nigeria (CBN) N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF)? Do you want to apply for CBN MSMEDF Loan? If then, this post is all you need to get vital information as regards to this.

In this article, you will get vital information regarding the CBN MSMEDF Loan 2020/2021 Application Guide and how to apply Without Collateral. The CBN MSMEDF loan is currently accessible.

CBN MSMEDF Loan 2020/2021 Application Guide – Apply Without Collateral.

Currently, the application guidelines on how to access the MSMEDF loan have been published by the Central Bank of Nigeria (CBN) in order to allow interested candidates to get their desired fund.

This article will show you details on how to go about with the Central Bank of Nigeria Loan application form and other important information.

Types of Businesses Eligible for CBN Loan 2020.

The details on how to apply for the Central Bank of Nigeria, CBN Loan i.e. the MSMEDF Loan application form is as shown below.

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

If yes, Prepare your business plan or statement on how much you want for your business. You can get CBN loan of up to: (a) N500,000.00 for your micro-business; and (b) N50 million for Small & Medium Enterprise (SME).

When Should I Repay Approved CBN Loan?

The Period for the repayment of the CBN MSMEDF loan is;

  • For micro business, it is a maximum of one year
  • For small and medium enterprises, it is a maximum of three years

GENERAL NOTICE: 60% of the Fund is reserved for enterprises owned by women; 2% for persons living with disability and 10% for start-up businesses.

However, in order to be successful to get the CBN loan 2020, you need to prepare your business plan or statement of your desired amount your business might want. Make these ready and available for your application for the CBN MSMEDF Loan Application Form. Do you know the qualifications involved for applying for CBN Loan form 2020?

Now, let me show you the procedures involved.

How to Apply for CBN MSMEDF Loan 2020/2021 Without Collateral.

  1. Visit 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.

  2. Tell your bank how much you need.

  3. Your bank will discuss your request and provide you with the money.

Please Note The maximum interest rate of 9.0% p. a (charges inclusive) is applicable to all CBN loans.

Important Information to Note:

  • There have been reports of bank branches claiming ignorance of the fund. In that eventuality or for more information, please send an e-mail: [email protected] OR call 09-46238600, 09-46238608 or 07080650000 or 07080651392.
  • Micro businesses are expected to repay approved loans at a maximum of one year while small and medium enterprises should repay back at a maximum of three years.
  • Remember, you can get the CBN loan at your current bank or the aforementioned if necessary.
  • You must have a business plan or statement on how much you want for your business before the CBN Loan can be approved to you.

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Omotimehin Nelson is a Nigerian award-winning content writer. He derives passion for creative writing. Join me