The best and most interesting thing about this CBN-Wema loan is that it is easy to apply for with very few steps and you get it! Since its collaboration with the Comercial Bank(Wema) and the Central Bank Of Nigeria (CBN)
Wema has several types of loans available for businesses and MSMEs in Nigeria micro, small or medium enterprises
CBN-WEMA Loan
Just to reduce unemployment and encourage businesses in the country CBN is giving a low-interest loan to MSMEs in conjunction with Wema
With Woman Bank Business Loans, School Support Facility Loans, Medi loans, Pharma loans, and Development Bank of Nigeria (DBN) Facility loans among others Wema is really helping the situation of the country and economy.
In this article, I will be explaining all these types of loan and how to apply for them with ease!
Development Bank of Nigeria (DBN) Facility
Let’s start with the Development Bank of Nigeria (DBN) Facility
When you are talking about Bank with Nigeria business in mind its Wema, They come together with DBN to bring a very low-interest easy collect loan to the Nigeria Economy
Features
-It comes with a very Competitive interest rate
-You get fixed asset acquisition and finances working capital
-Small Corporates get up to N720m while SMEs can access up to N200m
-Up to 5 years maximum Duration
Requirements
-You submit Details of the Promoters/Directors of the business
-Then you need a Customer’s application letter
-a Proof of Address
-You need to also get a Provision of acceptable collateral
-Your Company Profile and Business Plan
-It requires 12 months of bank statement
-And Copies of Incorporation documents
Wema Bank Business Loan
This is the loan you have been waiting for! Best fit loan for established businesses to increase their standard and MSMEs to scale up their business to the well-established level
When we are talking about loans to businesses in Nigeria Wema provides so many loans to support businesses in Nigeria loans like the Development Bank of Nigeria Loan (DBN) we discussed earlier, the Business Support Facility, School Support Loan, and Creative Industry Financing Initiative (CIFI)
It is very easy and straightforward and suits different businesses you can just easily work in any wema bank branch in the state and make inquiries about the loans available for the business
Talking about collaterals!
Only the previously explained loan the Only DBN Loan requires collateral others depend on the product interest
But If No collateral is needed what about how the repayments?
Wema Bank Business Loan Repayment
It basically depends on the products or facilities of the loan you are applying for!
Just, for example, a Business Support Facility offers 12 Months while DBN takes longer up to 5 Years, CIFI even up to 10 Years, a School Support Loan is about 12 Months, Term Loan for Gaming Value Chain also Months, and also all the rates vary from around 9% to 31%
And of course, you can Liquidate your loan if your tenor is not yet complete and you have enough or feel like also partially liquidating it!
School Support Facility Loan
Wema bank also supports the education sector of the country by giving a School Support Facility Loan to support the running cost of the educational institute. In fact, privately owned schools get up to 10 Million in school expenditures!
Features
-School Support Facility Loans have a maximum tenor of 12 months
-With a Competitive interest rate
-It is available to any level of the education sector from privately owned creches, nurseries, primary, secondary also vocational schools
-Each of those can get a minimum of 3 million annual fees collections
-The repayment can be based on Termly or monthly
-Though the school must have been operating a minimum of 2 academic sessions.
-Mini loan each can get N200,000 while Max N10,000,000
-Also have access to some technologies like Access to mobile & internet services
-And the interesting thing is its widely Open to new customers
Requirements
-It require 12 months of bank statement
-A copy of the certificate that is showing approval and registration of the school with the appropriate regulatory authority.
-Need to write Customer’s application letter
-A necessary Insurance that covers burglary and special peril noting Wema Bank as the first loss payee.
-Also a Copy of the Certificate of Incorporation/Registration
-A Proof of address
-A sworn affidavit or statement of the net worth of Personal Guaranty of the Promoter/Obligor with dully support from Him/Her
Pharma Loan
This type of loan provided by wema is given to drug owners and pharmacies that need a working capital loan to boost their business. They can collect up to 5 Million without Collateral
Features
Wema is giving all licensed retail pharmacies a Minimum loan of N100,000 and a max loan amount of N5,000,000
And is really easy to apply because they only need you to be in business for a year to be eligible
Also access to mobile & internet banking services
And the good news is also that it open to new customer s
With a Competitive interest rate
They have a max tenor of 12 months
Requirements
-You need to first draft a Customer’s application letter
-Also need to provide 12 months’ bank statement
-a copy of the current practice license of the Pharmacist is very important
-You also need a Personal Guaranty of the Promoter/Obligor supported by the affidavit or the statement of net worth.
-Off Course a Certificate of Incorporation/Registration
-Also a Copy of the certificate of full retention of premises
-And Insurance covering burglary& special peril noting Wema Bank as the first loss payee.