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HOW TO APPLY FOR CBN N5 BILLION LOAN

HOW TO APPLY FOR CBN N5 BILLION LOAN FROM CBN’s 100 FOR 100 POLICY SCHEME.

Would you like to know HOW TO APPLY FOR CBN N5 BILLION LOAN?

The Central Bank of Nigeria (CBN) has let all the interested participants to submit their various documents required for the Loan of up to N5 billion Under the 100 for 100 policy scheme.

They are required to submit those documents without delay as there’s a need for verifications.

Previously, CBN gave Over N23 billion to the first installment of beneficiaries under the loan scheme that was launched on Nov 21, 2021. And this is why you need to know HOW TO APPLY FOR CBN N5 BILLION LOAN

They have made it available as it was last year for others to benefit most especially the business owners and entrepreneurs.

The applicants can save more than N5 billion threshold subject to CBN approval as their loan limit is N5 billion.

CBN will be selecting 100 private sector companies among the participant companies with a kind of project that have potential to boost local productivity and have foreign exchange potential for Nigeria.

THE LOAN LIMIT OF CBN

The companies that import equipment and machineries have better chances of securing a long-term debt which includes working capital loan.

They will be included in the 100 to 100 interventions.

Any participant that needs above N5 billion must get CBN approval because the initiative has given out the loan maximum lending limit to be N5 billion.

In general terms of payment, Applicants can take up to 10 years to clear the loan which means it can last till December 31, 2031.

Working capital is to have a one year period for three years roll over option.

THEIR COVERED ACTIVITIES

CBN are expecting some requirements from the participants companies that will qualify them; those requirement can only be obtain through a certain covered activities like:

  • Manufacturing agribusiness and agro processing.
  • Health Care and pharmaceuticals
  • Extractive petrochemical and renewable industries
  • Logistics service and trader-related infrastructure etc.

CBN won’t just cash out their money to the participants except they provide the required applications.

Once they receives the application and see it to be business qualified, the lending bank will send the applications of their eligible private sector companies to the CBN for approval by the appropriate PFI’s credit committee.

This will help them give a close monitoring to the progress of the company by analyzing:

  • Their rate of growth in productivity
  • Their increase in capacity utilization
  • Their increase in export value
  • Their increase in export volume
  • Their decrease in industrial raw materials import in value
  • Their decrease in industrial raw materials import in volume
  • Their increase in the number of jobs generated.

HOW YOU CANĀ  APPLY

For you to participate fully, you must submitter the required applications to the participating financial instruments as well as the the important docents needed which includes:

  • The Participants Evidence of Company Incorporated with Corporate Affairs Commission (CAC)
  • Their three years of audited financial reports.
  • The evidence of the company’s credit worthiness which include directors and the promoters.
  • They must provide a minimum of two credit reports of the company and their directors.
  • Their business plan of the underlying project that is in need of financing.
  • They will give their detailed report on the post-financing economic benefit of the report.
  • Their detailed status report on projects capacity utilization, production output, productivity / efficiency level, employment level, value creation.
  • There should be a notification of submitted application to CBN through a dedicated online portal which is https://100for100ppp.ng/ for tracking and monitoring application status.

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