100 For 100 PPP Loan Application Portal Is Open: Apply Here via www.100for100ppp.ng
The 100% PPP loan scheme is a financial instrument that aims to increase the flow of money and investment to companies with the capacity to catalyze long-term economic growth, accelerate structural transformation, promote diversification and boost productivity.
Furthermore, this web page will provide you with all the requirements to apply for a 100 For 100 PPP Loan. However, ensure you read this post to the end.
How Does 100 For 100 PPP Loan Work?
The Central Bank of Nigeria plans to select 100 private sector companies whose projects will significantly improve domestic production and productivity, reduce imports, increase non-oil exports and improve the foreign exchange earning capacity of the Nigerian economy.
The program, which will be bank-led, will be launched every 100 days (or quarterly) with a new group of companies selected to receive financing.
As a matter of fact, the project will receive support from the CBN’s Real Sector Support Facility-Differentiated Cash Reserve Requirement (RSSF-DCRR) window or any other funding window deemed appropriate by the CBN.
Also, the loan amount per borrower shall not exceed €5 billion, and any amount above €5 billion shall require the special approval of the CBN’s management.
However, the monthly interest on the facility will be amortized and remitted to the CBN quarterly, together with principal repayments. The interest rate on the facility will not exceed 5.0% per annum (inclusive) until February 28, 2022; afterward, the interest rate on the facility will revert to 9% per annum (inclusive) from March 1, 2022.
Another key point is that the CBN will monitor the company’s performance.
Notably, CBN will evaluate company benchmarks and key performance indicators (KPIs) in-depth and regularly, including.
- Rate of Growth in production output
- Increase in capacity utilization
- Increase in export volume
- Growth in export value
- Decrease in industrial raw material import volume
- Decrease in industrial raw material import value
- Increase in the number of jobs generated
How to apply 100 For 100 PPP Loan Via www.100for100ppp.ng
Interested private-sector businesses must submit applications to their PFIs with all required documentation, which includes, among other things, financial statements.
- Financial statements.
- Certified true copies of company registration documents evidencing the incorporation of the Company with the Corporate Affairs Commission (CAC)
- Three (3) years of audited financials, including the most recent management account of the company
- Evidence of the company’s, promoters’, and directors’ creditworthiness
- At least two (2) credit reports of the company and the directors;
- Business plan of the underlying project for which the facility wants to apply.
- In details status report on project’s capacity utilization, production output, productivity/efficiency level, employment level, export capacity, and value creation
- Increased capacity utilization, production output, productivity/efficiency level, employment level, export capability, and value creation after funding should be projected to represent the project’s post-financing economic benefits.
Applicants should submit their application to the 100 for 100 PPP Loan Application Portal here.
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