There are hundreds of Nigerians who have nice business ideas but are being impeded by a lack of access to financial support. And one of the coolest and cheapest ways to get capital for your business is to have access to grants or low-interest rate financing.
The coast is now clear that the launching of Tertiary Institutions’ Entrepreneurship Scheme (TIES) will be done in a couple of months as the Central Bank of Nigeria (CBN) again re-echoed the need to empower and support young Nigerian graduates who want to embrace agriculture and other businesses.
Nigeria’s apex bank has barred Payment Service Banks (PSBs) in Nigeria from granting loans. It also barred the PSBs from accepting foreign currency in its latest guidelines seen by InfomediaNG. This means that the PBS can no longer grant any form of loans, advances, and guarantees, directly or indirectly, to their customers.
Graduates from Nigerian universities will soon have access to low-cost loans to support their small businesses and will have the opportunity to expand and become employers of labour, the governor of the Central Bank of Nigeria (CBN) has promised. Godwin Emefiele made the promise at the 51st Convocation ceremonies at the University of Lagos on Monday, July 5, 2021.
I applied for the SME loan on NIRSAL Micro Finance Bank (NMFB) portal in 2020, a few weeks after, all I needed was to head back to the portal to check if my application was successful. Unfortunately, hundreds of the CBN COVID-19 loan applicants don’t know that applying isn’t enough, but a constant check on the status of your loan is very important. So that you don’t miss out!
I applied for one of the available COVID-19 loans of the Central Bank of Nigeria sometime in 2020. To my surprise, my Nirsal Microfinance Bank (NMFB) account was credited. I was elated because it would help me to expand my business. But never did I know I would face other rounds of the hurdle. But I later figured it out.
Do you know that there are up to six loans under the CBN intervention fund for SME Businesses and Agriculture?
To apply for any of the loans, you need training certificate from CBN accredited Entrepreneurship Development Centres or Institute. One of such is Agric-Business Small and Medium Enterprises Investment Scheme, also known as AGSMEIS loan.