Micro Small and Medium Enterprises Development Fund

If you own a micro, small or medium agricultural enterprise, this loan facility is a special intervention fund provided by the CBN to support your business. You get this loan at a low interest cost and enjoy long-tenured repayment structure; to assist your business in enhancing capacity for employment generation, growth and economic development. 

Trusted customers of FirstBank seeking to expand their agri-businesses using low priced credit facilities as made possible under the scheme can benefit from this loan.

Features

  • Maximum obligor limit is N50m.
  • Maximum tenure is 5 years.
  • Management experience of at least 3 years in the enterprise to be funded is required.

 

Benefits

  • Interest rate: 9% (all-in), no other fee can be charged.
  • Credit facility is available either as term loan or overdraft.

 

Required Documents

  • Formal application for a credit Facility.
  • Certificate of Incorporation.
  • Memorandum and Article of Association (MEMART).
  • Board Resolution to Borrow.
  • Feasibility Study/Business Plan.

 

Who Can Apply

  • SMEs with at least 3yrs Mgt Experience (Max obligor limit of N50m).

If you are interested in taking up our facilities, please contact the Agric Finance Desk through email on:

agric@firstbanknigeria.com

                         Frequently Asked Questions

 1) What is MSMEDF?

  • Special intervention fund of N220bn created by the CBN to provide low cost, long tenored funds to MSMEs to enhance their capacity for employment generation, economic development and inclusive growth.

2) Who Can Participate?

  • Tested and trusted customers of FirstBank seeking to expand their agri-businesses using low priced credit facilities as made possible under the scheme.
  • Not for start-up projects

3) What is the interest rate?

  • Maximum of 9% all-in.

4) How do I qualify for this facility?

  • No record of non-performing loans with any financial institution
  • Maximum obligor limit is N50m.
  • Management experience of at least 3 years in the enterprise to be funded is required.   
  • Collateral includes landed property with EFSV of 130% of facility limit, lien on assets/commodity being financed, all assets debenture on assets  and Guarantee of Promoters/Directors for the bank’s exposure.

5) What are the required documentations?

  • Formal application for a credit Facility
  • Certificate of Incorporation
  • Memorandum and Article of Association
  • Board Resolution to Borrow
  • Feasibility Study/Business Plan
  • Business plan including cash flow projection with assumptions, marketing plan, repayment plan and draw down schedule.

6) Can I apply at any branch? 

  • Yes, you can walk in to the nearest FBN branch to apply.

7) How soon can I get my loan approved? 

  • This depends on different variables like; your business plan, cash flow, swift provision of accurate documentations and adequate collateral.

8) How soon can I get the facility after approval?

  • This depends on duration of receipt of funds from CBN after due diligence.

9) Can I get a longer tenor for my facility?

  • Maximum tenure is 5 years.

10) Can a farmer use his farmland as collateral for Agricultural Loan?

  • No, farmland is not on the list of acceptable collateral under Agricultural Finance.

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FirstBank Privacy Policy for IBM DNA E-Learning

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This privacy policy stipulates the bank’s approach to handling your data and your rights in the course of providing you with the IBM DNA learning platform to meet your needs.

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In the course of consuming the services provided to you by IBM through FirstBank, we collect information you provide us via online registration forms and correspondence by mail etc. The information we collect may include but not limited to identity information, location, contact information and education level.

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FirstBank Privacy Policy for Roducate

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In the course of consuming the services provided to you by Roducate through FirstBank, we collect information you provide us via online registration forms and correspondence by mail etc. The information we collect may include but not limited to identity information, location, contact information and education level.

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FirstBank will process our information for the following purposes;

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To ensure access to the e-Learning platform and in furtherance of your own learning objectives, FirstBank and our partners may share data you provide us with our service partners specifically in scope of this engagement to support your learning objectives. Data will be processed within systems owned and operated by any of the parties involved in the delivery of the e-learning service to you. The processing may occur in locations (some outside Nigeria) with different levels of data privacy maturity but from where these services are most effectively rendered.

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FirstBank Privacy Policy for Curious Learning

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In the course of consuming the services provided to you by Curious Learning through FirstBank, we collect information you provide us via online registration forms and correspondence by mail etc. The information we collect may include but not limited to identity information, location, contact information and education level.

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We don’t ask for your personal information unless we need it to provide services for you. You will be considered to have given our consent to FirstBank for processing your personal data when;

  1. USE OF YOUR INFORMATION

FirstBank will process our information for the following purposes;

FirstBank will limit the collection and use of your personal information for the stated purposes.

  1. INFORMATION SHARING AND DISCLOSURE

To ensure access to the e-Learning platform and in furtherance of your own learning objectives, FirstBank and our partners may share data you provide us with our service partners specifically in scope of this engagement to support your learning objectives. Data will be processed within systems owned and operated by any of the parties involved in the delivery of the e-learning service to you. The processing may occur in locations (some outside Nigeria) with different levels of data privacy maturity but from where these services are most effectively rendered.

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