Accessing CBN Loan for Businesses in Nigeria

Do you need a loan from the Central Bank of Nigeria (CBN) to fund your business? If ‘yes’, you are on the right page. In this article, we will show you how to easily access CBN loan for businesses in Nigeria.

After sharing a post on how to apply for CBN business loans through Heritage bank. We keep on receiving messages from people complaining that the application link is not functional.

So, while we wait for the Heritage Bank to active the online loan application link, let’s look at the alternative way you can access the CBN loan for businesses. You might even prefer this alternative way to the previous method. See the list of all federal government free-interest loans.

Eligible Business Categories for CBN Loans

Your business must relate to any of the following fields:

• Agriculture
• Artisan ship
• Manufacturing
• Cottage Industries
• Trade and general Commerce
• Services
• Renewable energy/energy efficient products and technologies
• Other income-generating projects as prescribed by the CBN

Procedures to Access CBN Loans

To access loan from the Central Bank of Nigeria (CBN), follow the procedures below:

1) Prepare your business plan or statement on how much you want for your business.

2) Go to your bank or any of the following financial Institutions with your business plan:

• Commercial Bank
• Microfinance Banks
• Cooperatives
• NGO-Microfinance Institutions
• Finance Companies
• Development Finance Institutions, i.e. Bank of Industry and Bank of Agriculture.

3) Submit your business plan to your bank.

4) Your bank will process your request.

5) The bank will also guide you on other requirements.

Note: The maximum interest rate of 9% per year applies to the loan. The period for the repayment of the loan is 12 months for micro-business, and 36 months for small and medium enterprises.

Important thing to note:

• 60% of the fund is reserved for enterprises owned by women
• 2% for persons living with a disability, and
• 10% for start-up businesses.

Note: There have been reports of some bank branches claiming ignorance of the loans.

If that is the case, kindly e-mail or call CBN at msmedf@cbn.gov.ng, 09-46238600, 09-46238608 or 07080650000 or 07080651392.

Disclaimer: We at nyscinfo.com have nothing to do with this loan. Our job is to dispense information which we have done.