Home NewsNigerian news Apply for CBN MSMEDF Loan 2021/2022 – Application Portal

Apply for CBN MSMEDF Loan 2021/2022 – Application Portal

by Eniola Samuel
9 comments
CBN MSMEDF Loan 2021

CBN MSMEDF Loan 2021 – Official Application Portal: The Micro, Small, and Medium Enterprises Development Fund (MSMEDF), launched by the Central Bank of Nigeria (CBN), is a program that was created to promote a healthy financial system for Nigeria.

The only available official website to register or apply is https://www.cbn.gov.ng/MSME

This program was created to allow small and medium businesses to maintain a stable and better market, especially during this time of Covid-19.

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I will outline the requirements, objectives, and how to apply for the CBN MSMEDF Loan 2021. Please take the time to read it word for word.

The objectives of wholesale funding are to:

  1. Facilitate on-lending to MSMEs by qualified and eligible PFIs
  2. To meet the credit requirements of MSMEs, increase the PFIs’ capacity
  3. This will reduce the cost of funds for PFIs, and it will result in lower borrowing costs for borrowers.

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CBN MSMEDF Loan 2021 selection criteria

  • PFIs must submit a request for funding to the Fund in the format prescribed by the CBN.
  • All applications will be processed upon receipt of all documentation.
  • Within one month after submission, the CBN will communicate the terms of the approved Grant.

CBN MSMEDF loan 2021 eligible for enterprises

The Revised Microfinance Policy, Regulatory and Supervisory Framework for Nigeria stipulates that the Funding Scheme will allow enterprises to receive funding.

  • Micro Enterprises
  • Medium and small enterprises

These are eligible activities for the Fund:

Microenterprises

  • Activities in the agricultural value chain
  • Cottage Industries
  • Service to schools, hotels, restaurants, and laundry facilities, etc.
  • Commerce and trade
  • Artisans
  • Renewable energy/energy-efficient products and technologies
  • Any other income-generating business as prescribed by the CBN

Small and Medium Enterprises (SMEs).

  • Manufacturing
  • Education institutions
  • Activities in the agricultural value chain
  • Renewable energy/energy-efficient products and technologies
  • Any other income-generating business as prescribed by the CBN

Lender Tenor

For micro-enterprises, the facility will have a maximum term of one (1) year and for SMEs up to five (5). There is an option for a moratorium. PFIs may access the fund as often as they wish upon repayment.

CBN MSMEDF loan 2021 mode of application

These are the required modalities:

  • The PFIs will approve the borrowers for a facility.
  • PFIs will assess the financial viability and economic viability of each request.
  • The State SPV will forward the PFIs’ applications to the CBN, indicating the amount, clients, and purpose.
  • All applications made by SPVs for the PFIs will be evaluated by CBN.
  • CBN approves funds and disburses them through correspondent banks.

In case you have a request you are to contact:

The Director,
Development Finance Department,
Central Bank of Nigeria,
Corporate Headquarters
Central Business District,
Abuja.
Fax No. 09-46238655
www.cbn.gov.ng

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9 comments

Gabriel Etim Nelson August 22, 2021 - 3:15 pm

I want to apply for the loan

Reply
Eniola Samuel August 22, 2021 - 3:42 pm

Do that using the link in the post. Thank you

Reply
adan MUSTAPHA August 22, 2021 - 7:29 pm

When are we expecting them to respond?

Reply
Eniola Samuel August 22, 2021 - 7:53 pm

It all depends on the scheme, always keep an eye on your mailbox for further updates.

Reply
Hassan Garba Tagali August 23, 2021 - 12:09 pm

I will apply for the loan, thank you

Reply
Eniola Samuel August 23, 2021 - 2:50 pm

Ok follow the procedure

Reply
Joe Best August 23, 2021 - 4:30 pm

Plz the link isn’t opening, so send me the official website sir, thank u.

Reply
Eniola Samuel September 1, 2021 - 9:54 am

The post has been updated with the active link.

Reply
Aminu November 14, 2021 - 9:48 pm

I will be sure to apply for the loan promptly. Thanks

Reply

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