Entrepreneurs and Start ups in Nigeria can now access the start-up funding grant provided by the CBN in partnership with the 36 states of the federation and the FCT. The N220 billion MSME Development fund was established August last year to enable small and medium scale enterprise to access funding for takeoff and expansion at a maximum interest rate of 9% within a five year repayment period.
Artisans and micro business can access up to N500, 000 from the fund while startups and small businesses have a credit limit of N5m and growing companies N50m.
This fund is to be accessed via participating banks which include UBA, Skye Bank, GTBank, Zenith Bank and Fidelity Bank. State governments can access up to N2 billion each through the participating banks for lending to eligible beneficiaries.
Interested individuals or companies are to approach any of the five participating banks and request for details to register and be considered for the loan.
According to the CBN, monitoring and evaluation have been put in place in order to ensure that only credible businesses can access the fund.