How To Easily Apply For CBN’s Loan (100 for 100 Policy)

Payback

The monthly interest on the facility shall be amortized and transferred quarterly with principal repayments to the CBN.

How to apply

Interested companies are to submit their applications to participating financial instruments (commercial banks) with requisite documentation, which include:

• Evidence of company incorporation with Corporate Affairs Commission (CAC)
• Three years of audited financial reports.
• Evidence of the company’s creditworthiness, including its promoters and directors.
• A minimum of two credit reports of the company and directors.
• Business plan of the underlying project in need of financing.
• Detailed status report on project’s capacity utilization, production output, productivity/efficiency level, employment level, value creation.
• Detailed report on the post-financing economic benefit of the project.
• Applicants shall notify CBN of submitted applications via a dedicated online portal https://100for100ppp.ng/ for tracking and monitoring application status.

How do you get the funds?

• Participating financial institutions (PFIs) shall receive applications and conduct due diligence on applications based on business and credit considerations.
• Upon approval by PFI’s credit committee, the lending bank shall forward eligible private sector companies to CBN.
• The CBN will screen and finance eligible applicants in 100 days and rollover every 100 days.
• The Bank will conduct an internal review of applications to ensure compliance with stipulated requirements.
• Then, the CBN releases the approved sum to PFIs for onward disbursement to selected private sector companies.
• Beneficiaries would be published in National Dailies for the public to confirm details of activities financed.