CBN Has Reduced Interest Rate On Loan

CBN Has Reduced Interest Rate On Loan

CBN Has Reduced Interest Rate On Loan is a free guide. Central Bank of Nigeria (CBN) under the Micro, Small and Medium Development Fund (MSMEDF) has launched a scheme to channel low interest funds to the Micro, Small and Medium Enterprises (SMEs) in the economy for on-lending

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The scheme is opened to small and medium scale enterprises with asset of not more than N 500 million and employees of between 11 and 200.
The fund is available to for on-lending to customers in the following line of business
  • Manufacturing
  • Agricultural value chain activities
  • Also, Renewable energy/ energy efficient product and technologies
  • Finally, Educational institutions
60% of the fund shall be disbursed to women owned enterprises i.e  enterprises that are at least 75% owned by female Nigeria.
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Terms and conditions are as follows;

Facility type: Term loan/ working capital
Amount: N 50 million maximum
Tenor : 5 years
Interest Rate : 9% p.a (inclusive of all charges)
Moratorium: i.e in line with the project cash flow
Collateral:
  1. legal mortgage on landed property
  2. mortgage debentures on asset of the company
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