Last updated on April 14th, 2023 at 01:35 pm
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:
NYIF Survival Fund
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).
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 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.
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.
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
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.
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
8 thoughts on “CBN Funding: What To Do If Your Loan Application Was Not Successful”
I received a message this morning from NMFB that my application is granted and I accept the offer, then ask me to submit my account details wch i did but not acct with NMFB cos i don’t ave acct with them. What is the next step sir. Thanks. OLAOSEGBA RODIAT OLADUNNI.
I Applied but was not successful but right now l will get this one
Type here..covid19 loan was approved I need to get my own
Please I applied and I wasn’t lucky …please. I would need another website to apply for another opportunity …thank you
I want to invest more inmy business by opening a provision store how can i be able to benefit from the government loans
Thank you for your guidelines please I need another website to apply for other loans.
I want to invest more in my business by opening a furniture showroom. How can I benefit from government loan?