On-lending

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  • MSMEDF:

    It is in recognition of the significant contribution of the MSME sub-sector in Nigeria economy and the need to address such existing huge gap that the Central Bank of Nigeria (CBN) launched the Micro, Small, & Medium Enterprises Development Fund (MSMEDF) on August 15, 2013.

    MSMEDF on-lending product is available to groups of micro-businesses coming together as a cooperative & Limited liability Companies.

    Features:

  • Loan amount from N30,000 to N500,000 (for each individual in a group)
  • Small Medium Enterprises can access up to N5,000,000
  • Flexible repayment structure (daily, weekly or monthly repayments)
  • Available to groups of 5 - 30 members
  • Tenure up to 9 months
  • No collateral required
  • Requirements:

  • Duly completed Loan Application Form
  • The group must be a registered cooperative
  • Cross-guarantee of individual members
  • Evidence of verifiable existing business/source of income
  • Availability of cooperative account and members account
  • For more information, kindly contact us on:(08123941500)

    BoI:

    Bank of Industry Ioan is an on-lending facility in collaboration with the Bank of Industry (BoI). It is a finance access scheme designed for enterprise development and growth both at group level (for micro businesses) and at the individual levels (for individual SME businesses).

    This Fund is set up, primarily to provide for the wholesale funding requirements of MFBs/MFIs for on-lending to their MSME customers. Below are the classifications of BoI on-lending loan.

    Both individuals and groups can access BoI loan.

    For more information , kindly contact us on:(08123941500)

    Features:

  • Loan amount from N30,000 to N500,000 (for each individual in a group)
  • Flexible repayment structure ( daily, weekly or monthly repayments)
  • Available to groups of 5 -30 members
  • Access to a group loan officer
  • Tenure up to 9 months
  • No collateral required
  • Access to Savings withdrawal booklet
  • Requirements:

  • Duly completed Loan Application Form
  • The group must be a registered cooperative
  • Cross-guarantee of individual members
  • Equity contribution of 10% of loan amount
  • Evidence of verifiable existing business/source of income
  • Availability of cooperative account and members account
  • Account Opening

  • Minimum Opening balance of N2,000
  • 2 recent passport photographs
  • Photocopy of a valid identity card - National ID, Driver’s License or International Passport. (original must be sighted)
  • Recent Utility Bill