Sidebrief update on assisting small businesses in assessing CBN Covid 19 funding relief

Sidebrief in partnership with SME PEAKS  and START UP NG committed to assisting entrepreneurs access the Central Bank of Nigeria (CBN) Covid 19 loan for entrepreneurs in Nigeria. The service was provided free as part of its corporate social responsibility and genuine interest in the growth of small businesses in Nigeria.

CBN COVID 19 LOAN

On Wednesday 8th July 2020, Sidebrief held a webinar with entrepreneurs and partners to highlight the story so far. The meeting was anchored by Eunice Olopade and repots on the progress of processing applications and requirements was given by Gbubemi Ikomi who are both members of the Sidebrief Team.

Gbubemi reported that over 178 expression of interests were received by Sidebrief for the CBN Covid 19 loan. She mentioned that a lot of these businesses did not meet the basic requirements for the loan application process. Having a registered business and a corporate account were the barest minimums which entrepreneurs applying for the loans were required to have.

She highlighted that it was of no consequence whether the business was registered as a Business Name or incorporated as a company.  The business seeking for a loan must only be registered with the Corporate Affairs commission. It must have also been in existence for 3years, have audited financial statement among others.

On the webinar, Adams, an entrepreneur who assessed the CBN Covid 19 loan in the sum of N900,000 shared his experience in the application process. He expressed that he had not believed it at first when he saw the advert on TV. He had submitted his application and got an email approval about 2 months later. Although he had applied for N3,000,000 he noted that the amount granted would still go a long way in cushioning the effect of the Corona virus on his business.

SME PEAKS

Tosin [] of SME Peaks was also on the webinar to share a bit about what they are doing to help entrepreneurs and small businesses. SME PEAKS is a platform focused on assisting entrepreneurs and small businesses with growth. They provide resources, platforms and opportunities to help scale their business.

Although the application process for the CBN Covid 19 loan seems to have been suspended. Sidebrief is still accepting documentation on behalf of entrepreneurs who would still like to access the loan and will put the application in. Entrepreneurs who are interested should fill out the form here to indicate interest.

SIDEBRIEF

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