CBN Funding: What To Do If Your Loan Application Was Not Successful

We received an email a few hours ago from one of the subscribers expressing his concern over one of the government loans he applied for.

He was unlucky. He was more worried because some of his colleagues he assisted in the loan application were successful.

Their NMFB accounts have been credited. They are now one of the hundreds of CBN loan beneficiaries in Nigeria.

If you fall into the category of Hazeem (not real name) who applied but got no response from Nirsal Microfinance bank, don’t give up.

In this post, we’ll share with you other funding opportunities you can apply in, most especially if you manage agro-business and some of the questions you need to ask yourself why your loan was not successful.

6 questions to ask yourself

In reviewing why your application was not successful, you need to ask yourself these important questions:

1) Ask yourself: Is it a loan that requires business registration (CAC) and other documentation?

2) Did I show evidence of tax payment if it’s funding that requires you to show your TIN?

3) Did I enrol and have the Entrepreneurial Development Institute (EDI) certificate if it’s CBN-backed funding?

4) Did I get SMEDAN registration number? It’s FREE, you can check our guide on how to get SMEDAN registration number.

5) Is it geopolitical-based funding? If government funding is geopolitically based, then you have to wait for the turn of your zone.

6) Did I check my loan application status for the next step before the expiration of the application?

If you have adequately sort what the issues are, you can proceed to explore other loan opportunities available.

Here are some of them:

CIFI

SEIFAC

AGSMEIS

MSME

ADDS

NYIF Survival Fund

NEXIT-CBN Loan

MSME

Are you operating micro, small and medium enterprises? If yes, then the MSME loan is there for you to apply.

You can apply for this opportunity either through the NMFB or through the Bank of Industry (BOI).

AGSMEIS

This is Agric-Business Small and Medium Enterprises Investment Scheme aimed at supporting local production of what we consume in Nigeria. These Loans are provided by the CBN to support your agribusiness

SEIFAC

SEIFAC is one of the Anchor Borrowers Programme (ABP) which means Smallholder Economic Interest Farmers Agricultural Cooperative.

You can also apply for SEIFAC project to gain access to government loans.

CIFI

You can also apply for the Creative Industry Financing Initiative loan. You can talk to NMFB, Access bank, GT bank, and other commercial banks that are participating in the loan disbursement.

NYIF Survival Fund

A few days ago, the Minister of Youth and Sports Sunday Dare said that close to N200,000,000 were disbursed to youth with brilliant business ideas.

If you applied for the Nigeria Youth Investment Fund (NYIF) but your application wasn’t successful, there is good news for you:

If you are not above 35 years, the minister made it known in one of his speeches that there are provisions for youth funds in the ministry 2021 budget.

This is significant. It means their lots to you can benefit from as we move fully into the year.

AADS

Another great initiative of the government you can apply for is the Accelerated Agriculture Development Scheme which is supported by Nigeria’s apex bank.

One of the core objectives of the AADS is to increase agricultural production towards food security, job creation and economic diversification

NEXIT-CBN Empowerment

If you are among the 500,000 exited beneficiaries, you stand a chance of benefiting from one of the options being looked into by the Ministry of Humanitarian Affairs and Social Development.

The ministry said in 2020 that it would partner CBN. It has done so and hopes are high among exited volunteers that they would receive funding from the Federal Government.

Takeaways:

If your loan application isn’t successful, consider other funding opportunities around.

There are more than five government loans you can benefit from.

Don’t let one rejection deter you from taking your business to the next level