Central Bank of Nigeria (CBN) Loan Application Portal 2021 for MSMEDF Loan

Do you want to know if the Central Bank of Nigeria (CBN) loan application portal is open for MSMEDF loans?

 

Because you know that CBN has launched Micro Small and Medium Enterprises Development Fund (MSMEDF). The objective of starting this fund is to promote a healthy financial system in Nigeria.

 

This is to enable small and medium enterprises to maintain a stable and developed market, especially at this time of COVID-19.

 

2021 CBN MSMEDF LOAN SELECTION CRITERIA

The PFI is required to submit a request for funds in the format prescribed by CBN from time to time.

When the CBN receives the complete documents, it will proceed to process the applications.

CBN will notify the terms and conditions for the approved grant within one month after your application is submitted.

 

CHECK ELIGIBLE CBN MSMEDF LOAN 2021 FOR ENTERPRISES

  • Micro Enterprises
  • Small and Medium Enterprises

 

THE FOLLOWING ARE ELIGIBLE ACTIVITIES UNDER MICROENTERPRISE FUND:

 

  • Agricultural Value Chain Activities
  • Cottage industries
  • Artisans
  • Services for hotels, schools, restaurants, laundry, etc. Renewable Energy/Energy Efficient Products and Technology Business and General Commerce
  • Any other income-generating enterprise as may be prescribed by the CBN

 

ANY OTHER INCOME GENERATING ENTERPRISE AS MAY BE PRESCRIBED BY THE CBN

 

  • Manufacturing
  • Agricultural Value Chain Activities Educational Institutions
  • Renewable Energy/Energy Efficient Products and Technologies
  • Any other income-generating enterprise as may be prescribed by the CBN

 

CBN MSMEDF LOAN TENOR

The maximum tenure for micro-enterprises is 1 year and for SMEs is 5 years. PFIs will use the fund as often as possible on full repayment.

 

THE PROCEDURES REQUIRED TO APPLY FOR CBN MSMEDF 2021 ARE AS FOLLOWS:

 

  • The recipient will apply to PFI for any benefit.
  • PFI will evaluate the applications for the economic and financial feasibility of the request.
  • PFIs will forward their applications to CBN through State SPV stating their quantity, customer category, purpose, etc.
  • CBN will evaluate all applications submitted by SPV on behalf of PPI.
  • CBN approves and distributes funds through PFI’s respective banks. Search and returns should address:

The Director, Development Finance Department, Central Bank of Nigeria, Corporate Headquarters Central Business District, Abuja.

Fax No. 09-46238655 www.cbn.gov.ng or visit CBN Loan Application Form Portal

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