Home JOBS CBN MSMEDF Loan Application 2022/2023 Form Login Portal

CBN MSMEDF Loan Application 2022/2023 Form Login Portal

0

CBN MSMEDF Loan Application 2022/2023 Form Login Portal.

CBN MSMEDF Loan Application – The Central Bank of Nigeria (CBN) invite application into the Micro, Small and Medium Enterprises Development Fund (MSMEDF) Loan, aimed at promoting a healthy financial system in Nigeria.

CBN MSMEDF Loan Application

About MSMEDF

The CBN launched the MSME Development Fund on August 15, 2013 with a share capital of N220 billion. The Fund was established in recognition of the significant contributions of the Micro, Small and Medium Enterprises (MSME) sub-sector to the economy and the existing huge financing gap.

Ten (10) percent of the Fund has been devoted to developmental objectives such a grants, capacity building and administrative costs while ninety (90) percent commercial component will be released to Participating Financial Institutions(PFIs) at 2% for on-lending to MSMEs at a maximum interest rate of 9% per annum.

Eligible activities to be financed include agricultural value chain, services, cottage industries, artisans, trade and commerce and any income generating business as may be prescribed by the CBN from time to time.

CBN MSMEDF Loan Selection Criteria 2022

  • PFIs shall submit a request to the Fund in a format that shall be prescribed by the CBN from time to time.
  • Applications shall be processed on receipt of complete documentation.
  • The CBN shall communicate the terms and conditions for the approved Grant within one month of submission.

Objectives of the MSMEDF

The broad objective of the Fund is to channel low interest funds to the MSME sub-sector of the Nigerian economy through PFIs to:

  • Enhance access by MSMEs to financial services;
  • Increase productivity and output of microenterprises;
  • Increase employment and create wealth; and
  • Engender inclusive growth

Benefits of the MSMEDF to Some Stakeholders

a) PFIs

The Developmental Components will be utilized for capacity building of staff of PFIs, research and provision of other financial services infrastructure

b) MSMEs

Long term single digit loans at 9% p.a. This has resulted in reduced cost of borrowing which will impact positively on the earnings of the MSMEs

c) Microfinance Sub-sector

The Fund will provide liquidity for the sub-sector and result in general improvement of the financial system stability

d) General Public

Job creation

Eligible Activities under the MSMEDF

In line with the provisions of the Revised Microfinance Policy, Regulatory and Supervisory Framework for Nigeria, enterprises to be funded under the Scheme include:
a) Micro Enterprises
b) Small and Medium Enterprises (SMEs)
The following are eligible activities under the Fund:
Microenterprises

  • Agricultural value chain activities
  • Cottage Industries
  • Artisans
  • Services
  • Renewable energy/energy efficient product and technologies
  • Trade and general commerce
  • Other economic activity as may be prescribed by the CBN

Note: Only 10% of the Commercial component of the Fund shall be channeled to trade and commerce.

How to Apply For CBN MSMEDF Loan

Login to: https://www.cbn.gov.ng/MSME/

Follow the application procedure to apply for the CBN Micro, Small and Medium Enterprises (MSME).

Recommended:

If you have any questions concerning CBN MSMEDF Loan Application, please feel free to use the comment box below and ask us your question. We will be very pleased to answer you.

You can share this information, with your family and friends, as it will be helpful to someone. Please share it on Twitter, Facebook, G+, Whatsapp or Email it to friends. Use the buttons below to do this.

LEAVE A REPLY

Please enter your comment!
Please enter your name here