The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending(NIRSAL) announces everybody can now check their loan approval with just their BVN. Today we will be showing you How To Check NIRSAL Loan With BVN to know the status of your loan maybe it’s approved. Also, we will discuss a few of their loan products and how to apply.

what is NIRSAL microfinance bank all about

NIRSAL is a licensed microfinance bank in Nigeria. It was licensed in 2019 by the central bank of Nigeria to carry out financial activities within its reach and also for adequate distribution of loans to Nigerian youths and SMEs through the CBN.

It has its head office in Abuja and over 115 branches all around the state.

Before we will be talking about its loan products let’s quickly talk about how to check the loan approval status with just your BVN.

Step By Step On How To Check NIRSAL Loan With BVN

NIRSAL makes it very easy to check your loan status online on their official website from your phone provided you have your Bank Verification Number (BVN) with you. It is worth knowing that before you can even think of checking the loan status or if it’s gotten approved or not you must have registered or applied for any of their loan products but if not on subsequent subheadings in this article I will be showing you how to apply to some available loan products they have.

Depending on the kind of loan you applied for there are two different links to check it with your BVN just follow the steps

Step 1: If you applied for household loans just visit their official website using this link https://covid19.nmfb.com.ng/HomeLoans if you apply for a SMEs loan or business loan click this link https://covid19.nmfb.com.ng/SmeLoan

Step 2: After you click the above link respectively depending on the type of loan you apply for you will be provided with a box ‘Please Enter your BVN’ to enter your BVN! Slot in your BVN

Step 3: After inputting your BVN then you need to click the ‘Validate BVN’ button!

If you registered for any of their loans your BVN will be validated and you will be able to check the status of your loan but if not it will bring BVN not exist.

Nirsal Microfinance Bank Loans

Now that we have already shown you How To Check NIRSAL Loan With BVN let us quickly state the NIRSAL 6 loan products available that you too can apply for in case you have not applied and its absolutely free

• The Anchor Borrowers’ Programme (ABP
• Nigeria Youth Investment Fund
• Concept of Targeted Credit Facility (TCF)
• Non-Interest Targeted Credit Facility [SME]
• Non-Interest Targeted Credit Facility [Household]
• Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS)

How To Apply For Nirsal MFB loan

It is very easy to apply for the NIRSAL loan and the whole procedure is segmented into three stages which are the request stage, the approval stage, and the payment stage

The Request Stage: Nirsal has one of the easiest application procedures because of its transparency. You just need to visit the website https://nmfb.com.ng/ , select the loan type you want to apply for, and follow the prompt.

The approval stage: This is the waiting stage in that you need to wait for your loan to be verified and examined by the NIRSAL MFB and then send to CBN for approval. This is the stage you will need to be using your BVN to be checking for your loan status which was explained in this article

The Payment Stage: Once BVN grants your loan. NIRSAL started disbursing the loan to the applicants

But we also discussed and emphasis on how to apply for a NIRSAL loan in this previous article we wrote about NIRSAL ‘Apply For Nirsal MFB Youth Investment Fund with CBN SMEs Loan‘ you can check it out too.

Conclusion

we have given you simple steps in this article on How To Check NIRSAL Loan With BVN and some other information about the Micro Finance Bank.

FG start the SMEDAN 1.5m Loan for Nigerians to help Small and Medium Enterprises by Giving them loans with low interest. FG is set to begin SMEDAN to boost the 2023 economy!

SMEDAN(Small and Medium Enterprises Development Agency of Nigeria) was first established in 2003.
They come up with 4 mandates:

• This time of low is low-interest or absolute no-interest loans to help the MSMEs gain easy access to funds
• Aim to Engage in Capital Building
• They are set to create and implementation of fair loan policies for MSMEs
• They are structures to monitor and  coordinate all micro, small and medium-sized enterprises (MSMEs)

SMEDAN situate its head office in Abuja but have an office all around the states in the country.

They focus on helping the MSMEs in funding their business with loan facilities.

They have two main collaborations with the Bank Of Industry (BOI) and the Bank Of Agriculture (BOA) With the aim of helping the Nigeria economy

SMEDAN-Loan Funding

SMEDAN is the intermediary between MSMEs in the country and the loan providers meanwhile partnering with the Federal Government of Nigeria, Central Bank Of Nigeria, Bank Of Industry, and Bank Of Agriculture just to ease the loan funding and distribution to the appropriate parties

Qualification And Requirement For SMEDAN Loan

There are very few requirements for MSMEs in the country to collect loans. The main thing is the business must be registered and if not registered presently must have it in mind to register later while taking the loan.

MSMEs can also get the SMEDAN loan through commercial banks but will need some additional requirements according to the commercial banks which SMEDAN will make the announcement

Application procedure for the Small and Medium Enterprises Development Agency loan

All MSMEs can apply for the loan in two ways:

The first method is to apply for the loan on SMEDAN’s credit information portal and head over to the commercial bank to take the loan

The second method is to first attend SMEDAN’s training programs  and after that, you will get access to the loan facility

Let’s give the procedure for the two!

Accessing the loan through SMEDAN’s training programs

The first thing to do here is to register to be part of SMDAN-sponsored initiatives then you will be trained on a particular business by the SMDAN team

To register for this you need to visit any of the MSME registration portals online but you will need to continue some registration in their office and you will need to be going for the training frequently

After the successful completion of the training then you have access to soft loans or conditional grants to boost your business.

The soft loan comes with no collateral and a low-interest loan

For the other side which is the grants! You will need to have a registered business or be encouraged to register your business with CAC

You will also need a business plan stating how you want to spend the money if given to you and some other things below

SMEDAN grants Requirements:

• You need your Business Registration Number ( BN OR RC) if any
• Valid means of Identification(ID card)
• Business plan( Strategy on how to use the loan)
• State in which the business operates ( You need to provide where your business is located)
• Your phone number and Proof Of Adress
• If any, you provide Details of collateral offered
• Type of business or business model( What the business is all about)

You check for more information on smedan.gov.ng

Applying for a SMEDAN loan through the Credit Information Portal

SMEDAN has a lot of commercial loans you can apply for through the credit information portal depending on the types of MSMEs and which is suitable for the business

SMEDAN portal gives detailed information about the lender and its loan… Information like the interest rate, repayment period, and if any collateral will be needed among others.

There are some other loans too on the portal apart from loans for businesses, loans like mortgage loans, personal loans, and credit cards

This platform successfully matches the lender with the borrower with the appropriate information you sub, it in the portal, and afterword you will still need to visit the financial institute you are taking the loan from

This portal is basically for the information you can easily access to get the appropriate loan but not an online loan application portal! If you want to get a direct loan from SMEDAN you can go through the first method!

Good luck!!!

The National Directorate Of Employment(NDE) was established to tackle unemployment in Nigeria and encourage the youth to start businesses and also to support SMEs increase their productivity.

NDE Mandates And Departments

NDE has about 4 departments to effectively target unemployment in the country!

Vocational Skills Development Programme, Small Scale Enterprises, SSE, Rural Employment Promotion, REP and Special Public Work, SPW

NDE Departments

• Special Public Work, SPW deal with all the special public workers by providing facilities, training, and programs that will increase the productivity of the Public workers in the country.

• SSE Which is Small Scale Enterprises department and they also provide training for small-scale enterprises to add value to their businesses
• Rural Employment Promotion also help rural society by empowering them and giving them the adequate employment
• The vocational Skills Department Program(VSDP) is a program that helps all the youth by providing them with vocational skills training depending on their talent and what they love to do

NDE Mandates

The National Directorate Of Employment has a mandate that will help society and increase employment.

Vocational Skills Developments: This is the facility under the VSDP of the NDE to help all the youth increase their productivity

Agricultural skills training: This a facility that helps the farmer in the country to learn more about their business and increase the productivity of the agriculture sector of the country

Entrepreneur developments: This provides training and some other facilities, and loans to improve the outcome of the business in the country

PROGRAMMES OF THE NDE

NDE has so many programs that impacts all sector of the country but let’s quickly state 18 programs

Special Public Works Housing Scheme
Enterprise Start-up and development Training Scheme (formerly Start Your Own Business)
Resettlement Loan Scheme (RLS)
Community-Based Training Scheme (CBTS
Integrated Farming Training Scheme (IFTS)
Micro Business Skills Training Scheme
Enterprise Start-up and development Training Scheme
NDE Agricultural Park Project
School-on-wheels (SOW) Scheme
Basic and advanced National Open Apprenticeship Scheme (NOAS)Rural Agricultural Development Training Scheme (RADTS)
Community Development Scheme (CDS)
Graduate Attachment Programme (GAP)
NDE-Enterprise and Finance Counseling Clinic (NDE-efcc)
Renewable Energy Development Training Scheme (RETS)
Entrepreneurship Development Scheme
Common Facility Centres
Loans Disbursement Schemes – Enterprise Creation FundPost-RADTS Training SchemeRural Handicraft Training Scheme (RHTS)

A few weeks ago the Director-General of NDE, Abubakar Fikpo talked about a loan disbursement Scheme to help all the businesses, youths, either those that have certificates, self-employed and also to help the productivity mindset youths

He said’ We know it’s good to get the certificate but it is also good to have skills! We are eradicating the attitude of the unemployed youth toward only education to change because your certificate will not pay the bills all the time!

He also said

“But your hands are ready-made tools for you. The moment you acquire skills, you can go to fend for yourself. You can have something to do,”

He also emphasis about the loan and the amount to disvurst

“At the end of a recent NDE training on entrepreneurship, 40 beneficiaries out of 100 got loan packages ranging between N250,000 and N500,000 and they are now in serious businesses.”

Continue on his speech

“In agriculture, the Rural Employment Promotion Department of the NDE recently trained 93 participants who were given N100,000 each as loan packages.

Procedure To Apply For NDE Loan

• visit the  NDE Official website go through the website and check the the requirements
• hover your mouse to the top right corner and click apply
• You will see about 7 pieces of information to provide! Fill them
• You need your Nimc Number. Slot in Your Full name, phone number, and email
• After inputting your local government area and state, you will see drop-down of the loans and programs you can apply then select the suitable one and click submit.

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.

The Government Enterprise & Empowerment Programme (GEEP) was established in the year 2016 having the interest of Nigerians in mind by giving interest-free loans and no collateral needed.

This loan is basically to encourage the economic growth o the country by giving free credit to the Micro SMEs (MSMEs).

About GEEP Loan

This loan is of three types which are TraderMoni, FarmerMoni, and MarketMoni. Today I will be showing you how to apply for the loan that suits you and full details about these three loans.

This loan was introduced to help informal traders that did not have access to formal loans and needed financial assistance to grow their businesses

These loans have already helped a lot of petty traders and farmers.

Market Moni

Market Moni GEEP loan is part of the GEEP loan and is the first launched loan by GEEP and gives petty traders access to over 50,000 loans through their associations it is an interest-free loan in 6 months duration.

This loan has a very comfortable repayment duration with interest-free just to encourage the traders to increase their productivity and help the country’s economy.

It is very easy to apply and you too can apply for it

FarmerMoni

FarmerMoni is the second type of GEEP loan and it targets only the farmers in the agricultural sector of the economy.

Smallholder farmers can borrow from 250,000 and its interest-free loan with a 6-9month duration.

The 6-9 month FamerMoni loan was launched to suit the farmer and cultivational season and farming requirements.

This loan has helped a lot of farmers and you too can start an application now

TraderMoni

TraderMoni is the third product of the GEEP loan to petty traders and it is very easy to get since it’s an entry-level loan from GEEP.

It starts with a minimum of 10,000 for petty traders, an interest free loan with 6 months duration.

These particular loans target the daily seller traders who depend on their daily trading for feeding.

This trader’s inventory must range from 2,000 to 5,000.

GEEP also this petty traders on a business structural way to increase their revenue and also repay their loan

Let me quickly take you through all these loan requirements

GEEP Loan Requirements

Apart from being a Nigerian which is the number one requirement you still need some simple documents for you to enjoy GEEP Loan

• You must be a Nigerian by birth
• A Passport photograph
• Off cuss No educational background needed
• Bank Verification Number (BVN)
• Must have either a National Identity card or voters card
• You must state what you will be using this loan you are applying for if granted

How To Apply For GEEP Loan

You can start your application online at growthplatform.me/geep or visit the National Orientation Agency in your state

There are various types of loan on the website so you can easily navigate to GEEP using the link or just navigate through the website and choose the type of product you want of the three products and the one that suit you or you are qualified for.

Make sure you read through the guidance of the specific loan you select and proceed to submit your application!

You can also mail [email protected] for more info about the loan

Thank you for reading and you can leave a comment if you have any questions we will love to reply to every single comment

Nirsal is Nigeria Micro Finance Bank (NIRSAL MFB) with a license from the Central Bank Of Nigeria (CBN) to carry out specified financial and banking services in the country. Started operation in 2019 and licensed the same year by CBN

NIRSAL is the primary intervention bank speculated for a qualified citizen to lend special funds.

The Bank is Owned 75% by the Bankers Committee, 10% by NIPOST, and 15% by NIRSAL.

NIRSAL has over 115 branches across the states of Nigeria and headquarters in Abuja.

They have a very crucial assignment to develop the country’s economy, Youth, and business by implementing appropriate loans in accordance with CBN.

Today we will be discussing Nirsal MFB Business loan, Agroloan, Nirsal Nigeria Youth Investment Fund, and also how to apply.

You can apply for any of the loans below and we wrote an article on How To Check NIRSAL Loan With BVN that you need to check out so as to know if your application is approved or not after registered

Nirsal MFB Business loan And Agroloan

This type of loan is called the Anchor Borrowers’ Program joins hands with the Central Bank Of Nigeria(CBN). This is a single-digit loan introduced by the federal government to boost the economy, especially the agricultural section of the economy

Along the same line, they bring business loans that will suit every business and ease their activities

They promise to help throughout the production process from production and processing down to marketing that will meet international standards.

The Anchor Borrowers’ Program has a clear vision to ease businesses in the economy to have access to financing, create new jobs, and encourage economic growth

Nirsal MFB also the introduction of the Salary Advance and SME Loan to help salary earners have access to loans to cater to their immediate needs and also for Micro, Small, and Medium Enterprises to increase their productivity through the SME loan

This loan has a competitive interest and you can borrow ranges from N50,000 to N250 million

Just to make the loan easily accessible for all they have petty traders loans that range from N50,000 to N300,000 to increase the productivity of their existing business. In fact, this type of loan did not require any bank history to get.

But for the salary advance loan for salary earners, applicants must have at least a 3-month constant salary paying slip.

NIRSAL makes all documents required very slim and also very competitive interest

How To Apply For The Anchor Borrowers’ Program

First Step – If you want to start processing the Anchor Borrowers Program you are to come along with EOI( Expression Of Intrest) to their bank of PFI( Paticipanting Finacial Institute)

Second Step – Once You Successfully submit the EOI you will need to bring the processor’s capacity to offtake the produce from the farmers at harvest

Third Step- Provide the list of farmers required in accordance with numbers, names and BVNs

Fourth Step – You need to provide the commodities required

Fifty– The official Choice of NIRSAL Microfinance Bank as the Participating Financial Institution (PFI) for the project etc.

Sixty – You will have to wait for appraisals after receiving all the documents required

Step seven – Fund will be requested from CBN followed by an offer letter and disbursement start

Nirsal Nigeria Youth Investment Fund

This type of loan is introduced by the Federal Ministry of Youth and Sports Development (FMYSD) and fully funded by the Central Bank Of Nigeria(CBN).

This loan was introduced to eradicate unemployment by increasing the productivity of the youth which in turn increases job opportunities.

This loan gives youths more confidence to go into business and invest more

These funds are specifically intended to invest in innovative ideas, skills & talents of the youth of the country which will easily turn into the entrepreneur

These funds are basically for innovation-oriented youths whether you have a registered business or not

Who is Eligible For This Loan?

If You are an individual with no Registered business

• You must have a business plan summary
• A valid BVN
• And you need to first register to be trained as an entrepreneur at Nisral Youth Investment Fund

And If You Have A Registered Business

• A CAC certificate
• Valid BVN
• Tin
• Business Plan Summary
• Then you will complete entrepreneur training  at Nisral Youth Investment Fund

The Process To Apply For Nirsal Nigeria Youth Investment Fund

• The first process is to get trained by the Nisral Youth Investment Fund Program
• Then you Apply for a loan
• After Submit an application to the NMFB’s portal
• You will Wait for  approval
• When you get the loan approval message the appropriate amount will be Disburse to NMFB