CBN MSMEs Fund Loan for Women Application 2020: 60% of N220 billion SMEs fund for women

CBN MSMEs Fund Loan for Women Application 2020: 60% of N220 billion SMEs fund for women – In line with the N2.3trillion for MSMEs (Micro Small and Medium Enterprises (MSMEs) to help them survive amidst this economic challenges caused by the global pandemic. 60% of the N220billion set out for some SMEs will be reserved for women only. To apply for this women loan by CBN to MSMEs, follow the directives below.

SMEs are termed independently owned organizations that require less capital and less workforce and less or no machinery. They are ideally suited to operate on a small scale to serve a local community and to provide profits to the business owners.

This information was made public as women were believed to have higher population when it comes to MSMEs. This implies if women takes 60%, men will take 40%.

Nevertheless, FG sat and discovered that there are lots of challenges faced by MSMEs (Micro, Small and Medium Enterprises) today.

• Lack of fund has deteriorated lots of SMEs owners towards the standard they set. This is because most of them cannot source the loan to help boost their business.
• Some SMEs owners stays under the sun just to sell, some hawks their goods and there is no shelter, neither electricity to help their standard of living. It is a thing of concern as the FG wants to look into their infrastructure.
• Lack of training on how to manage and increase the standard of their business affects SMEs

On this note, though, there are numerous challenges faced by MSMEs, we wish to tell all SMEs that there is hope for all.

The FG is ready to give N2.3trillion loan to all SMEs in Nigeria. According to Osinbajo, a provision of N200 billion would be made available to MSMEs in the priority sectors such as healthcare, agro-processing, creative industries, local oil and gas, aviation among others, in a scheme jointly run by the Bank of Industry (BOI) and Nigerian Export Import (NEXIM) Bank for export expansion. Then, the rest will be for other sectors.

See importance of Loan to SMEs here

Requirements and Qualifications to apply for CBN MSMEs Loan

• Applicant must be a Nigerian
• You must have an existing business or enterprise
• You can be able to tell what you would use the money that will be given to you for loan for
• Possession of National Identity Card or Permanent Voter’s Card will be a perfect means of identification
• BVN and an upgraded account that can take huge amount of money.

How to Apply/Register for CBN MSMEs Loan 2020/2021

The official link to apply for this MSMEs loan has not been launched yet but soon it will be.

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Meanwhile, there is hope for you as there are other available loans by FG you can apply for now.

Apply for FG GEEP Loan 2020/2021 is ongoing

CBN Agric Loan Application Form 2020/2021 is ongoing

CBN NIRSAL Loan for all is ongoing

AGSMEIS NIRSAL Loan application form is ongoing

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