ARE YOU A MICRO, SMALL OR MEDIUM,BUSINESS OWNER???
DO YOU NEED FINANCAL ASSISTANCE FROM CBN TO START UP YOUR OWN BUSINESS ???
DO YOU NEED MORE FUND TO GROW YOUR BUSINESS??? THEN HERE ARE THE GUIDELINES YOU NEED TO FOLLOW TO QUALIFY YOU TO GET ASSISTANCE FROM CBN.
CHAPTER ONE
1.0 ESTABLISHMENT OF THE FUND As part of its developmental functions and mandate of promoting a sound financial system in Nigeria, the Central Bank of Nigeria launched the Micro, Small and Medium Enterprises Development Fund (MSMEDF) on August 15, 2013. This was in recognition of the significant contributions of the Micro, Small and Medium Enterprises (MSME) sub-sector to the economy. The sub-sector is characterized by huge financing gap which hinders the development of MSMEs. Section 6.10 of the Revised Microfinance Policy, Regulatory and Supervisory Framework for Nigeria, stipulates that ‘a Microfinance Development Fund shall be set up, primarily to provide for the wholesale funding requirements of MFBs/MFIs’. To achieve the provisions of Section 4.2 (iv) of the Policy, which stipulates that women’s access to financial services should increase by at least 15 per cent annually to eliminate gender disparity, 60 per cent of the Fund has been earmarked for providing financial services to women. This informed the decision of the Central Bank of Nigeria to establish the Micro, Small and Medium Enterprises Development Fund (MSMEDF).The Fund prescribes 50:50 ratio for on-lending to micro enterprises and SMEs respectively. Only new SMEs shall be allowed to be financed by DMBs under the MSMEDF. Special consideration shall be given to Participating Financial Institutions (PFIs) that have signed Memorandum of Understanding (MoU) with the Central Bank of Nigeria’s Entrepreneurship Development Centers (EDCs) to provide financial services to its graduates. In addition, 2% of the wholesale component of the Fund shall go to economically active persons with disabilities (excluding mental disabilities)
source central bank of nigeria
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