Two Hundred Billions of Nairas – The CBN’s New MSME Fund of A Thing
Dear friends, I have read the CBN’s guidelines for the new N200bn fund to kickstart MSMEs in Nigeria (N220bn actually but I will come to the extra N20bn shortly). I read it so that you don’t have to as I know how busy you all are.
I think this will work better with bullet points so here are the highlights I managed to extract from the document.
1. In total the fund is N220bn but N20bn of that is not for lending per se. N11bn will be for grants; think of it like a mini YouWin. As part of the whole infrastructure of disbursing the funds, CBN will appoint ‘managing agents’ to stand like a bridge between CBN (the money) and the banks. Presumably this is to ensure it doesn’t go the way of former SME funds. So the managing agents will get N4.4bn out of this money to…
View original post 1,701 more words