Post by Trade facilitator on Feb 25, 2022 21:35:33 GMT 1
How To Apply For The New CBN N500,000, N750,000 And N3,000,000 Non-Interest And Collateral Free Targeted Credit Facilities
The Central Bank of Nigeria (CBN) has set up a N50 billion Interest-Free targeted Credit Facility; to support Nigerian households, Medium, and Small Scale Enterprises (MSEs).
The loan amount is between N500, 000 and N3, 000,000; with a moratorium of up to twelve (12) months and with a tenor of up to thirty-six (36) months. This means that the loan period is basically three (3) years, but you have an extra 12 months to organize the repayment of the loan.
What you need to know about the Non-Interest AGSMEIS:
The Non-Interest Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS) is made mainly for businesses involving allied products, foodstuff, building materials, transportation, computers/phones, electronics, etc.
Look at the AGSMEIS loan summary at a glance:
The loan amount is up to N3,000,000
The tenor is up to 36 months (three years)
The moratorium is up to 12 months (one year)
More things you need to know about the loan facility:
These loan facilities are not cash-based in any way, this you must understand properly. The CBN is not going to give you cash or credit your bank account; no, the CBN will only pay the approved loan amount to their own designated individual vendors or suppliers of the materials and the equipment you requested to start expand or improve your business.
If you have previously obtained a loan facility from the TFC Covid-19, you are not qualified for the non-interest TFC loan. But you are qualified to apply for non-interest AGSMEIS loan of N3, 000, 000.
If you have benefited from AGSMEIS before, you are not eligible for the new non-interest AGSMEIS, but you can apply for the non-interest TFC of N500, 000 or that of N750,000.
Those applying for the N500, 000 need no special requirements for the non-interest TFC.
Those going for the N750,000 non-interest TFC, are required to provide the following:
Business Name or
Registered Company (RC) number
Tax Identification number (TIN)
Those applying for the N3,000,000 are required to provide the following:
Business plan from CBN approved Enterprise Development Institutes (EDIs)
Certificate of short business training.
In the same vein, the CBN has opened its portal for Entrepreneurs and companies seeking the N5 billion Loan Facilities recently.
We recently brought you a report of the loan facility tagged, 100 for 100 PPP developed by the Central Bank of Nigeria (CBN) where 100 companies will be funded with N5 billion every 100 days in the country.
The CBN reported that it has funded 28 companies already and that applications for the next batch have started already.
The scheme according to the CBN will select 100 private sector companies with projects that have potential to boost local productivity and are capable of generating considerable foreign exchange to turn the fortunes of the economy around.
Under this initiative, 100 companies will be funded every 100 days and will be bank-led. It means that every 100 days, Nigeria’s economy will experience an injection of 100 companies funded with N5 billion each to boost productivity.
I can imagine where this economy will be in the next three (3) years if this initiative is sustained. The impact on the country’s economy can only be imagined, as the geometric growth cannot be matched by any initiative we have had in the past.
We of this forum are advising Nigerian enterprises wishing to get a piece of the funding for their existing businesses or start-ups to apply for the loan; and if their businesses align with the CBN’s objective to stimulate the economy, then they might be given the loan.
Our company is one of the best companies in Export and Importation businesses in Nigeria today, we train individuals and corporate organizations on how to do Export, Major and Mini Import business the right way; if you are interested, please contact the admin of this forum now.
The Central Bank of Nigeria (CBN) has set up a N50 billion Interest-Free targeted Credit Facility; to support Nigerian households, Medium, and Small Scale Enterprises (MSEs).
The loan amount is between N500, 000 and N3, 000,000; with a moratorium of up to twelve (12) months and with a tenor of up to thirty-six (36) months. This means that the loan period is basically three (3) years, but you have an extra 12 months to organize the repayment of the loan.
What you need to know about the Non-Interest AGSMEIS:
The Non-Interest Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS) is made mainly for businesses involving allied products, foodstuff, building materials, transportation, computers/phones, electronics, etc.
Look at the AGSMEIS loan summary at a glance:
The loan amount is up to N3,000,000
The tenor is up to 36 months (three years)
The moratorium is up to 12 months (one year)
More things you need to know about the loan facility:
These loan facilities are not cash-based in any way, this you must understand properly. The CBN is not going to give you cash or credit your bank account; no, the CBN will only pay the approved loan amount to their own designated individual vendors or suppliers of the materials and the equipment you requested to start expand or improve your business.
If you have previously obtained a loan facility from the TFC Covid-19, you are not qualified for the non-interest TFC loan. But you are qualified to apply for non-interest AGSMEIS loan of N3, 000, 000.
If you have benefited from AGSMEIS before, you are not eligible for the new non-interest AGSMEIS, but you can apply for the non-interest TFC of N500, 000 or that of N750,000.
Those applying for the N500, 000 need no special requirements for the non-interest TFC.
Those going for the N750,000 non-interest TFC, are required to provide the following:
Business Name or
Registered Company (RC) number
Tax Identification number (TIN)
Those applying for the N3,000,000 are required to provide the following:
Business plan from CBN approved Enterprise Development Institutes (EDIs)
Certificate of short business training.
In the same vein, the CBN has opened its portal for Entrepreneurs and companies seeking the N5 billion Loan Facilities recently.
We recently brought you a report of the loan facility tagged, 100 for 100 PPP developed by the Central Bank of Nigeria (CBN) where 100 companies will be funded with N5 billion every 100 days in the country.
The CBN reported that it has funded 28 companies already and that applications for the next batch have started already.
The scheme according to the CBN will select 100 private sector companies with projects that have potential to boost local productivity and are capable of generating considerable foreign exchange to turn the fortunes of the economy around.
Under this initiative, 100 companies will be funded every 100 days and will be bank-led. It means that every 100 days, Nigeria’s economy will experience an injection of 100 companies funded with N5 billion each to boost productivity.
I can imagine where this economy will be in the next three (3) years if this initiative is sustained. The impact on the country’s economy can only be imagined, as the geometric growth cannot be matched by any initiative we have had in the past.
We of this forum are advising Nigerian enterprises wishing to get a piece of the funding for their existing businesses or start-ups to apply for the loan; and if their businesses align with the CBN’s objective to stimulate the economy, then they might be given the loan.
Our company is one of the best companies in Export and Importation businesses in Nigeria today, we train individuals and corporate organizations on how to do Export, Major and Mini Import business the right way; if you are interested, please contact the admin of this forum now.
