How to Apply For the Micro, Small and Medium Enterprises Development Fund (MSMEDF)

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This is goood news for business owners and entrepreneurs across the country who can now access funds to boost their businesses. The Federal Government  has renewed it’s commitment to the Micro, Small and Medium Enterprises Development Fund (MSMEDF) and has made enomous funds available to businesses in the country to enable ease of doing business. And on this page we have more information on the Micro, Small and Medium Enterprises Development Fund (MSMEDF) and how businesses and individuals can access the scheme.

How to Benefit from the 220 Billion Naira MSMEDF

1.0 Is your business in any of this areas?

  • Agriculture
  • Manufacturing
  • Cottage Industries
  • Artisanship
  • Services
  • Renewable energy/energy efficient product and technologies
  • Trade and general commerce
  • Other economic activity as may be prescribed by the CBN

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2.0 If  “YES” …..

2.1     Prepare your business plan or statement on how much you want for your business

2.2    you can get a loan of up to:

(a) 500,000.00 for your micro-business and

(b) 50 million for small and medium enterprise (SME)

2.3 Go to your bank or any of the participating institutions to access the funds:

  • Microfinance Banks
  • Commercial Banks
  • Cooperatives
  • Finance Companies
  • NGO-Micro Finance Institution
  • Developmental Financial Institutions i.e Bank of Industry and Bank Of Agriculture.

3.0 Tell your Bank How much you need

4.0 Your bank will discuss your requests and provide you the money

4.1 The maximum interest rate is 9.0% p.a (all charges inclusive) is applicable to all loans.

5.0 Period of the repayment of the loan:

a) For micro business. it is a inimum of one year

b) For small and medium enterprises, it is a maximum of three years

Note: 60% of the fund is reserved for enterprises owned by women: 2% with persons leaving with disability and 10% for start-up businesses.

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