100 for 100 CBN Loan Application 2023: How to Apply – This is to officially inform the general public of 100 for 100 CBN Loan exercise that is currently ongoing for all interested and qualified persons to apply or register using the application link portal in this article. SEE HOW TO APPLY FOR 100 for 100 LOAN 2023 HERE
The Central Bank of Nigeria (CBN) recently released the list of 28 companies that were beneficiaries of N23.2 billion from the first cycle of the 100 for 100 Policy on Production and Productivity (PPP).
What most applications should bear in mind is the apex bank the maximum loan limit under the initiative is N5 billion. However, applications above N5 billion may be considered subject to the approval of CBN.
This scheme which started on November 1, 2021, will select 100 private sector companies with projects that have the potential to significantly boost local productivity and the foreign exchange generating capacity of Nigeria.
The initiative, which will be bank-led, will be rolled over every 100 days (quarterly) and a new set of companies will be selected for financing under the initiative.
Nigerian entrepreneurs wishing to get funding for their existing businesses or start-ups can apply for the loan and if their business aligns with the CBN’s objective to stimulate the economy
Read: Apply for Charles Darwin University Scholarships in Australia
Activities covered
Manufacturing, agribusiness and agro-processing, extractive industries, petro-chemicals and renewables, healthcare and pharmaceuticals, logistics services and trade-related infrastructure, and other activities as prescribed by the CBN are all included in the project.
Existing projects will be the focal activities under the initiatives, although the CBN may explore new projects as well.
Read: FGN Savings Bond: DMO Opens February Subscription
Funding
The initiative will be funded through the CBN’s Real Sector Support Facility-Differential Cash Reserve Requirement (RSFF-DCRR) window or any other window that the Bank determines.
Read: FG Support Fund Loan for Covid19 Affected Businesses Application Form: Apply Here
Loan limit & type
Long-term loans for equipment and machinery procurement, as well as working capital loans, will be part of the 100 for 100 PPP intervention. The initiative’s maximum lending ceiling is N5 billion. CBN approval is required for applications worth more than N5 billion.
Term loans must have a maximum tenor of 10 years, depending on the project’s complexity, and must be paid off by December 31, 2031. The working capital arrangement will have a one-year term with the option to roll it over for up to three years. A two-year moratorium will apply to term loans.
Interest rate
The interest rate shall not exceed 5% per annum (all-inclusive) up to 28th February 2023. Afterwards, interest on the facility shall revert to 9% per annum (all-inclusive) effective from March 1, 2023.
Collateral requirement
Collateral acceptable under the CBN’s Real Sector Support Facility applies to the 100 for 100 PPP initiative.
Payback
The monthly interest on the facility shall be amortized and transferred quarterly with principal repayments to the CBN.
Interested companies are to submit their applications to participating financial instruments (commercial banks) with requisite documentation, which include:
How do you get the funds?
Aston University UK Scholarships Application Form: See How to Apply
NYSC Batch C Stream 2 2024 Update | Online Registration Starting Date, Mobilization and Camp…
Nigerian Army (NA) 88RRI Recruitment 2024/2025 Application Form Portal - Do you want to apply…
Chief Security Officer (CSO) at United Nigeria Airlines: How to Apply: United Nigeria Airlines is…
Safety and Quality Manager at United Nigeria Airlines - Apply Here: I am directed to…
NYSC Corps Members Allowance - DG Gives Assurance of Stipend Hike This article is directed…
How To Check If Your FG Loan Application Status Is Verified: As the Federal Government…