Are we aware that the Federal Government in a means to boost and encourage local production of goods, approved la 220billion Naira CBN grant? These fund is supposed to be disbursed to commercial banks for onward disbursement to Nigerians with interest in the manufacturing industry. Commercial Banks are to get these funds at 2% from CBN and then lend to interested borrowers at a maximum of 9%.
Errrrrm, and if you asking if it will require collateral, well yes it will but not the conventional collateral of bring land property in Ikoyi, Banana Island or Asokoro! The collateral for this kind of loan as promised will be very easy for borrowers to afford. In most cases, the reason for which the loan is sought will most likely stand as collateral.
If you are into any manufacturing business and have good idea for expansion, go with your business plan to your bank and tap into the CBN MSME loan. Please remember to come back and share your experience with us.