List of CBN/FGN single digit intervention loan funds for businesses in Nigeria

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Erudite
Senior
Location: Naija
 

August 26th, 2019, 12:22 pm

Commercial loans from Nigerian banks come at very high interest rates. Many at times as high as 24%! That's killing!
Business-Loans-for-startup.jpg
However, in case you are not aware, there are numerous CBN intervention loans available for businesses in Nigeria at single digit interest rates. Maximum is 9%. This topic will give you details.

Depending on your sector, be it agriculture or information technology, these funds are always there. And information is power.

You still apply through your commercial bank. They do the credit packaging and due diligence. And once you are certified ok, you get the fund for your business. Below are examples of such funds and few details bout them - including sectors targeted, eligibility requirements, amounts obtainable, collaterals (if needed), tenors and many more.

Feel free to comment. And if you know more, add them.

1. CIFI (The Creative Industry Finance Initiative) - New!
The CIFI is new on the radar and is gold! It's targeted at entrepreneurs and investors in the Nigerian creative and information technology (IT) subsector bas parts of efforts to boost job creation especially for the youths.

Businesses in the fashion, music, movie production and information technology are eligible and can get low interest loans up to 500m at max 9% onlver 3-10 year period. That's great!

This facility is available in commercial banks. I recommend Zenith Bank to you to access this. Ask further questions in the bank.

2. NIRSAL (Nigerian Incentive-Based Risk-Sharing System For Agricultural Lending)
This one is for the agriculture sector. Everything agric can benefit!

Stay tuned as I add more.

3. CACS (Commercial Agric Credit Scheme) - details to follow

4. MSMEDF (Micro, Small and Medium Enterprises Development Fund) was launched in 2015 by CBN to support the MSME! All at single digit!
Contact your bank (Zenith Bank) for details.

5. More to follow...

Please share...

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NiceGuy
Senior
Location: Lagos
 

August 26th, 2019, 12:53 pm

Check them for those your business will be qualified for!
I'm really not that nice... :mrgreen:
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Newbie
 

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