In President
Buhari’s democracy day speech to Nigerians was a mention and emphasis on the
special intervention funds that will create job opportunities and lift many people
out of penury.
He said “So, today, I am happy to formally launch,
by far the most ambitious social protection programme in our history. A
programme that both seeks to start the process of lifting many from poverty,
while at the same time creating the opportunity for people to fend for
themselves. In this regard, Five Hundred Billion Naira has been appropriated in
the 2016 budget for social intervention programmes in five key areas. We are
committed to providing job creation opportunities for five hundred thousand
teachers and one hundred thousand artisans across the nation”
The CBN has
a provision for N220b Micro and Small Medium Enterprises Fund
60% of the
fund is earmarked for women owned businesses at 9% interest rate.
Most women
are not aware of this and have not even applied for it.
All of us
should check it up on Google, especially ladies. Further note that it is an intervention
fund, so you don’t pay market interest rates for the loan.
Finally the
Central Bank of Nigeria has published the procedure for accessing the fund.
See list of HOT
PROFITABLE 40 SMALL BUSINESSES YOU CAN START WITH LITTLE OR NO CAPITAL IN 2016
here… http://hollalaycan.blogspot.com.ng/2014/12/details-of-40-small-businesses-you-can.html
Is your
business in any of the following areas?
Ø Agriculture
Ø Manufacturing
Ø Cottage Industries
Ø Artisanship
Ø Services
Ø Trade and general Commerce
Ø Renewable energy/energy efficient
products and technologies
Ø Other income generating projects as
may be prescribed by the CBN
If “Yes”
then congratulations!
With a
detailed business plan or statement on how much you want for your business, you
can get loan of up to:
(a)
N500,000.00 for your micro-business; and
(b.) N50
million for Small & Medium Enterprise (SME)
See sample
of a Nylon Business Plan here… http://hollalaycan.blogspot.com.ng/2014/04/a-business-plan-for-set-up-of-nylon-and.html
Go to your
bank or any of the following institutions to access the Fund:
ü Microfinance Banks
ü Commercial Banks
ü Cooperatives
ü Finance Companies
ü NGO-Microfinance Institutions
ü Development Finance Institutions,
i.e. Bank of Industry and Bank of Agriculture
Tell your
bank how much you need and your bank will discuss your request and provide you
the money.
The max
interest rate of 9.0%/p.a (charges inclusive) is applicable
Repayment
Period:
a) For micro
business, it is a maximum of 1 year
(b.) For
small and medium enterprises, it is a max of 3 years
NOTE: 60% of
the Fund is reserved for enterprises owned by women; 2% for persons living with
disability and 10% for start-up businesses.
ü If you don't have collateral try out
some financial institutions that you can deposit 20% of the loan to be borrowed
as equity to access fund?
ü The loan is also easier to get
through a recognized national associations like cooperative
