This article is for people who are trying to apply for CBN loan. There are many types of loans available from the Central Bank of Nigeria, and the fraudulent platforms set up by internet fraudsters to steal money and information are even more.
How will you know which ones are legit? Which platform can you log into to apply for the loans? Is the CBN actually giving any loans?
Now before we begin, I’d want you to understand that the majority of the government loans and grants are conditional. There are certain criteria you need to meet to access some of them, such as particular age bracket, academic qualifications or gender. There will always be something for you at a point so if you don’t hit the criteria for one, you move on with your life until the next.
Loans Available From The Central Bank Of Nigeria And How To Apply
Some of the loans available from the CBN include:
Micro, Small and Medium Enterprises Development Fund (MSMEDF)
To apply for this, prospective borrowers should approach any Participating Financial Institutions (PFIs) of their choice. There are two categories.
The first category is the Micro entrepreneurs which are people applying for loans less than ₦500,000 and Small and Medium Enterprises (SMEs), which is people applying for anything from ₦500,000 to ₦50 million.
Agricultural Credit Guarantee Scheme Fund (ACGSF)
This was put in place as a form of agricultural credit to help fund people to farm. You can apply for the loan whether as a livestock or crop farmer. You might be required to provide some evidence to be able to access it.
Please find out more on the CBN official website.
100 For 100 Loan
The CBN 100 For 100 Loan on Production and Productivity (PPP) is targeted at private companies that have a project to fund. You can apply for as much as ₦50 billion and the bank will determine which projects have a substantial impact on the economy.
A hundred private sector companies with the potential to positively improve domestic production and productivity, reduce imports, increase non-oil exports will be selected.
To apply or know more information, you can visit 100for100ppp.ng.
Tertiary Institutions Entrepreneurship Scheme (TIES)
The Tertiary Institutions Entrepreneurship Scheme (TIES) is targeted at empowering graduates of Nigerian tertiary institutions with entrepreneurial skills for Economic Development, Entrepreneurship and Job Creation.
If you want to apply or know more about it, you can visit cbnties.com.ng.
The NIRSAL fundings stand as a form of Covid-19 recovery loans set up by the government for businesses and individuals. NIRSAL Microfinance Bank is in charge of this and you can find out more on their official website.
There are other loans and grants currently put in place by the Federal Government through the Central Bank of Nigeria.
Please note that the government would never ask you to pay for any charges to access their funding and if you happen to come across that, count it as a red alert.
If you know anyone’s I missed, kindly drop them as comments below so other people can benefit.