Topic: CBN Loan Can Provide Micro And SME Job Opportunity

Prospective SME borrowers must provide all required documents, including collateral, in order to be considered for a CBN loan.


Participating Financial Institutions will evaluate loan applications, approve them, and forward borrowers' loan requests to the CBN for funding.


The Micro, Small, and Medium Enterprises Development Fund (MSMEDF) will only lend to borrowers through Participating top 10 banks in Nigeria and other Financial Institutions (PFIs).


The PFIs will credit the accounts of benefited borrowers within 5 working days after MSMEDF has disbursed monies to them.


Loans will be given at a rate of 9.0 percent per year regardless of the sort of qualified activity sponsored (all charges included).


Borrowers are responsible for timely repayment of all loans, including any interest owed to the PFI.


Finally, the PFIs would recycle any completely repaid loans that they had transferred to the MSMEDF/CBN.