How To Access CBN MSMEDF Loan 2023

How To Access CBN MSMEDF Loan 2023 – The Central Bank of Nigeria (CBN) has launched the Micro, Small and Medium Enterprises Development Fund (MSMEDF) aimed at promoting a healthy financial system in Nigeria. In this post, you will learn how to access CBN MSMEDF loan, and the necessary requirements.

MSMEDF loan was developed by CBN after noticing huge financing constraint which hinders the Micro, Small and Medium Enterprises (MSMEs).

Objective of MSMEDF Loan

To channel low return funds to the MSME sub-sector of the Nigerian economy via Participating Financial Institutions (PFIs).
Increase output and productivity for both micro and small enterprises.
Create more jobs and reduce the increasing rate of unemployment in Nigeria.

Requirements for MSMEDF loan

To access Micro, Small and Medium Enterprises Development Fund (MSMEDF) loan, applicants must meet the following requirements;

1. Applicants must have valley d means of identification

2. Bank Verification Number (BVN) and bank account

3. Active Phone number and email address.

4. Applicants must have business under any of the following categories;

Agricultural value chain
Services
Trade and general commerce
Artisans
Cottage Industries
Renewable energy/energy efficient product
Technologies
Others

Collateral for the loan

Any of the following educational documents can serve as collateral;

SSCE or NABTEB
National Diploma (ND)
National Certificate of Education (NCE)
Higher National Diploma (HND)
University degree (NYSC Certificate where applicable) and a guarantor.