How Farmers, small businesses can apply for CBN Interest free loan

For latest job updates visit https://recruitmentportalngr.com/

How Farmers, small businesses can apply for CBN Interest free loan – The guidelines for Non-Interest Financial Institutions (NIFIs) under its Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS) and Micro, Small and Medium Enterprises Development Fund (MSMEDF) were unveiled by the apex bank on Tuesday.

CBN seeks exclusive right to bank licensing, revocation CBN, AGF appear before Reps over N81.5bn NDDC expenditure in 5 months Financing under the scheme will also be for start-ups, business expansion or revival of ailing companies and shall be in compliance with provisions of BOFIA (1991) as amended and the principles underpinning operations of NIFIs.

Experts say the development will pave the way for people who don’t like interest based facilities to have access to funds, including those without collateral to present. The 10 guidelines included the Accelerated Agricultural Development Scheme (AADS) and seven other intervention schemes in its bouquet.

They followed the CBN’s June, 2020 meeting where it announced plans to integrate non-interest windows in its intervention programmes to support businesses and households negatively impacted by COVID-19. Based on the guidelines for the operations of NIFIs, the CBN would create a Fund to be known as ‘AGSMEIS Non-Interest Fund’ to be domiciled in a dedicated account with the apex bank.

The guidelines stipulated that each non-interest deposit bank (full-fledged or window) was to set aside five percent of its Profit After Tax (PAT) annually as contribution to the Fund.

It added that each non-interest deposit bank was also to transfer its contribution to the CBN not later than 10 working days after the Annual General Meeting (AGM) of the participating bank. Eligible activities under the scheme, according to the CBN, are businesses across the agricultural value chain, covering production, inputs supply, storage, processing, logistics and marketing.

Loan in Nigeria 2020 3
How Farmers, small businesses can apply for CBN Interest free loan

Others are MSMEs in the real sector including manufacturing, mining and petrochemicals. It disclosed that others were MSMEs in the service sector including information and communication technology (ICT) and the creative industry as well as other activities as the CBN may determine from time to time.

Frequently Asked Questions on MSMEDF

  1. How Can I (Or My Company) Access The MSMEDF?

Prospective borrowers should approach Participating Financial Institutions (PFIs) of their choice and apply for the Fund.

  1. What categories of entrepreneurs can apply for the Fund?

(a) Micro entrepreneurs (i. e. borrowers seeking loans of less than N500,000) are to approach any of the four institutions:
* Microfinance Banks          * NGO/Microfinance Institutions
* Financial Cooperatives    * Finance Companies

(b) Small and Medium Enterprises (SMEs) (i.e. prospective borrowers seeking between N500, 000 and N50million) are to approach any of these institutions:

    • Deposit Money Banks
    • Bank of Industry (BOI)
    • Bank of Agriculture)
  1. Who are the Participating Financial Institutions?

The PFIs under the Fund are as follows:
Micro borrowers (N500,000 to N5,000,000) would approach:

    • Microfinance Banks
    • NGO-Microfinance Institutions
    • Finance Companies
    • Financial Cooperatives

SME borrowers (N5,000,000 to N50,000,000) would approach:

    • Deposit Money Banks and Development Finance Institutions (Bank of Agric and Bank of Industry)
  1. What are the activities that can be financed under the Fund?
    • Agricultural value chain activities,
    • Manufacturing & Cottage Industries,
    • Artisans,
    •  Services,
    • Trade and general commerce,
    • Renewable energy or energy efficient products and technologies, and
    • Any other income generating projects as may be prescribed by the CBN.

Further Information:

  • Prospective borrowers shall provide the requisite documents including collateral for SME loans;
  • PFIs will appraise loan applications, approve and forward loan requests of borrowers to the CBN for the release of funds;
  • MSMEDF will only release funds to borrowers through the PFIs;
  • The account of benefitting  borrower’s shall be credited by the PFIs within 5 working days upon the release of Funds by MSMEDF to the PFI;
  • Loans shall be granted at an interest rate of 9.0% per annum (all charges inclusive) irrespective of the type of eligible activity financed;
  • Borrowers shall be expected to payback all loans as and when due inclusive of any accrued interest to the PFI; and
  • The MSMEDF/CBN will recycle all fully repaid loans transferred to it by the PFIs.

Download all job past questions & answers here to get ahead of others in getting that your dream job – Download here now!

15 Comments

  1. *LAVITA RICCA INVESTMENT PROGRAM*
    ♦️♦️♦️♦️♦️♦️
    ♦️♦️♦️♦️♦️♦️
    *NO MORE EXCUSES*

    1. I don’t have money
    2. I can’t talk to people
    3. I don’t do stuff like this
    4. I’m too Busy

    Your excuses may be legit but they won’t improve your Life.

    • *LAVITA RICCA INVESTMENT PROGRAM is Fully Registered with CAC. WHICH IS COOPERATE AFFAIR COMMISSION( For those Who Think LAVITA RICCA INVESTMENT is Not Registered)*

    *LAVITA RICCA INVESTMENT PROGRAM is a platform network that deal with investing of money just within 45mins you will get back your money double*

    CONTACT:- +2349036369810

    *LAVITA RICCA INVESTMENT PROGRAM PACKAGE’S*

    *N20,000====N40,000*

    *N30, 000====N60,000*
    *N50,000====N100,000*

    *N100,000====N200,000*

    *N200,000 ====N400,000*

    *N400,000====N800,000*

    *==============*

    *I know you are skeptical about this because of the negative experience a lot of issues as regards scamming in the global world. I assure you 101% that you won’t lose your money this is because I know the risk of this profit oriented business and I know how to avoid them using my trading skills and signals to make only wins and no losses.*

    *Are u a worker?*

    ♊ *Are u a student looking for your school fees? Are u a woman looking for money to pay your children school fees?*

    ♊ *Are u jobless and u need where u can make source of income?*.

    ♊ *LAVITA RICCA INVESTMENT PROGRAM is here for you! With a little amount u can earn and make more more source of income without any problems*.

    ♊ *LAVITA RICCA INVESTMENT PROGRAM is a platform network that deal with investing of money just within 45mins you will get back your money double*
    *Thank you for your time you can click on the link below to get started, please only serious minded People are expected to message the administrator.*..

    CONTACT NAME Mrs. ELIZABETH TINA
    CONTACT:- 09036369810

  2. *LAVITA RICCA INVESTMENT PROGRAM*
    ♦️♦️♦️♦️♦️♦️
    ♦️♦️♦️♦️♦️♦️
    *NO MORE EXCUSES*

    1. I don’t have money
    2. I can’t talk to people
    3. I don’t do stuff like this
    4. I’m too Busy

    Your excuses may be legit but they won’t improve your Life.

    • *LAVITA RICCA INVESTMENT PROGRAM is Fully Registered with CAC. WHICH IS COOPERATE AFFAIR COMMISSION( For those Who Think LAVITA RICCA INVESTMENT is Not Registered)*

    *LAVITA RICCA INVESTMENT PROGRAM is a platform network that deal with investing of money just within 45mins you will get back your money double*

    CONTACT:- +2349036369810

    *LAVITA RICCA INVESTMENT PROGRAM PACKAGE’S*

    *N20,000====N40,000*

    *N30, 000====N60,000*
    *N50,000====N100,000*

    *N100,000====N200,000*..

    *N200,000 ====N400,000*

    *N400,000====N800,000*

    *==============*

    *I know you are skeptical about this because of the negative experience a lot of issues as regards scamming in the global world. I assure you 101% that you won’t lose your money this is because I know the risk of this profit oriented business and I know how to avoid them using my trading skills and signals to make only wins and no losses.*

    *Are u a worker?*

    ♊ *Are u a student looking for your school fees? Are u a woman looking for money to pay your children school fees?*

    ♊ *Are u jobless and u need where u can make source of income?*

    ♊ *LAVITA RICCA INVESTMENT PROGRAM is here for you! With a little amount u can earn and make more more source of income without any problems*..

    ♊ *LAVITA RICCA INVESTMENT PROGRAM is a platform network that deal with investing of money just within 45mins you will get back your money double*
    *Thank you for your time you can click on the link below to get started, please only serious minded People are expected to message the administrator.*

    CONTACT NAME Mrs. ELIZABETH TINA
    CONTACT:- 09036369810

  3. GOOD DAY SIR/MA

    HAVE YOU HELD ABOUT RICH CONNECT TRUST INVESTMENT…?

    RICH CONNECT TRUST INVESTMENT is a matrix system which give you DOUBLE of your CAPITAL back in ( 45 Minutes ) after Registrations

    RICH CONNECT PACKAGES
    N20,000——N40,000
    N40,000——N80,000
    N50,000——N100,000
    N100,000—–N200,000
    N150,000—–N350,000
    N300,000—–N600,000
    N200,000—–N400,000
    N400,000—–N800,000
    N500,000—–N1,000,000

    NOTE: we credit your account after 45mins of Your Registeration
    INTRODUCTION
    RICH CONNECT TRUST Investment is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Okafor Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

    07046246360

    ITS SIMPLE HERE!!!!!!!
    We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 100k within 45mins we make profit of 300k then send 200k to you then profit 100k This is not mmm where they merge people to donate for each other
    You pay directly to us and we credit you directly

    Contact Mr. GOODLUCK TIMOTHY
    07046246360

    NOTE:- YOU GET CREDITED BACK IN LESS THAN 45 MINUTES.

    CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING

    NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem.

  4. LAVITA RICCA INTERNATIONAL INVESTMENT*
    ♦️♦️♦️♦️♦️♦️♦️
    ♦️♦️♦️♦️♦️♦️♦️
    *NO MORE EXCUSES*

    1. I don’t have money
    2. I can’t talk to people
    3. I don’t do stuff like this
    4. I’m too Busy

    Your excuses may be legit but they won’t improve your Life.

    • *Lavita Ricca Investment is Fully Registered with with FGN. with RC NO 1582489( For those Who Think Lavita Ricca is Not Registered)* *Contact Administrator Management Mr. Benson Okonkwo TINA On *(08137272162)

    *Lavita Ricca Investment is a platform network that deal with investing of money just within 45 minutes you will get back your money double*

    ?phone=+2348137272162

    *Lavita Ricca PACKAGE’S*

    *N20,000====N40,000*
    *N40,000====N80,000*
    *N50,000====N100,000*
    *N100,000====N200,000*
    *N200,000 ====N400,000*
    *N400,000====N800,000*
    *======== = = ========*

    *I know you are skeptical about this because of the negative experience a lot of issues as regards scamming in the MMM. I assure you 101% that you won’t lose your money this is because I know the risk of this profit oriented business and I know how to avoid them using my trading skills and signals to make only wins and no losses.*

    *Are u a worker?*

     *Are u a student looking for your school fees? Are u a woman looking for money to pay your children school fees?*

     *Are u jobless and u need where u can make source of income?*

     *Lavita Ricca Investment is here for you! With a little amount u can earn and make more more source of income without any problems*

     *Lavita Ricca Investment is a platform network that deal with investing of money just within 45mins you will get back your money double*
    *Thank you for your time you can click on the link below to get started, please only serious minded people are expected to message the administrator.

  5. GOOD DAY SIR/MA

    HAVE YOU HELD ABOUT RICH CONNECT TRUST INVESTMENT…?

    RICH CONNECT TRUST INVESTMENT is a matrix system which give you DOUBLE of your CAPITAL back in ( 45 Minutes ) after Registrations

    RICH CONNECT PACKAGES
    N20,000——N40,000
    N40,000——N80,000
    N50,000——N100,000
    N100,000—–N200,000
    N150,000—–N350,000
    N300,000—–N600,000
    N200,000—–N400,000
    N400,000—–N800,000
    N500,000—–N1,000,000

    NOTE: we credit your account after 45mins of Your Registeration
    INTRODUCTION
    RICH CONNECT TRUST Investment is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Okafor Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

    07046246360

    ITS SIMPLE HERE!!!!!!!
    We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 100k within 25mins we make profit of 300k then send 200k to you then profit 100k This is not mmm where they merge people to donate for each other
    You pay directly to us and we credit you directly

    Contact Mrs. GOODLUCK TIMOTHY
    07046246360

    NOTE:- YOU GET CREDITED BACK IN LESS THAN 45 MINUTES.

    CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING

    NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem..

  6. GOOD DAY SIR/MA

    HAVE YOU HELD ABOUT LAVITA TRUST INVESTMENT…?

    LAVITA TRUST INVESTMENT is a matrix system which give you DOUBLE of your CAPITAL back in ( 45 Minutes ) after Registrations

    LAVITA PACKAGES
    N20,000——N40,000
    N40,000——N80,000
    N50,000——N100,000
    N100,000—–N200,000
    N150,000—–N350,000
    N300,000—–N600,000
    N200,000—–N400,000
    N400,000—–N800,000
    N500,000—–N1,000,000

    NOTE: we credit your account after 45mins of Your Registeration
    INTRODUCTION
    LAVITA TRUST Investment is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

    09068834101

    ITS SIMPLE HERE!!!!!!!
    We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 100k within 25mins we make profit of 300k then send 200k to you then profit 100k This is not mmm where they merge people to donate for each other
    You pay directly to us and we credit you directly

    Contact Mrs. FUMI BLESSING
    09068834101

    NOTE:- YOU GET CREDITED BACK IN LESS THAN 45 MINUTES.

    CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING

    NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem.

Leave a Reply

Your email address will not be published.


*