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It is now evident that the NEXIT Loan is competitive and will not be the same amount for all the successful beneficiaries who participate in NEXIT Loan Training.
The NEXIT/CBN AGSMEIS Loan just like AGSMEIS Loan – an initiative of the Central Bank of Nigeria to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation, has guidelines and conditions which must be met and Assessments which are inevitable.
The only difference between the AGSMEIS Loan and the NEXIT Loan (NEXIT/CBN AGSMEIS Loan) is the starting point (Application) but all go through the process of Entrepreneurship Development Training dubbed NEXIT Loan Training as in case of the exited Npower beneficiaries.
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A key factor used in qualifying or disqualifying an applicant of AGSMEIS Loan which will be used for the NEXIT Loan (NEXIT/CBN AGSMEIS Loan) is Bussiness Plan.
The Central Bank of Nigeria requests that only a bankable business with a clear plan, viable and ROI oriented should be financed, so as such, there is a high possibility of loan repayment.
CBN will not issue loans to vague businesses where there will be stories in paying back the loan. Hence, there should be about a 95% chance of a business surviving in its plan before being remarked as acceptable or fundable.
The Entrepreneurship Development Training Institutes being used for the NEXIT Loan Training already have the Framework of the AGSMEIS Loan Scheme and have released a concise and approved Business Plan guide which is downloadable here https://gconsultingisl.com/wp-content/uploads/2022/03/N-Power-Business-Plan.pdf
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NEXIT Loan (NEXIT/CBN AGSMEIS Loan) Business Plan
The NEXIT Loan Business Plan has 10 Parts, namely:
- Personal Details (Biodata)
- Business Information
- Equipment List
- Working Capital List
- Product And Services
- Assets List
- Competition Analysis
- Management Plan
- Loan Information
- Swot Analysis
However, the focal point used for disqualification relies on the Financial Information in Nos 3,4,5,6; Managerial Plan and Competitive Analysis.
While other parts are used in the assessment, a beneficiary who wishes to succeed and secure a higher NEXIT loan amount, should have a professional outlook on how to effectively sow the capital as in Nos, 3,4,5,6, Manage the business as in No 8, understand who your competitors are as in No 7, chances of breaking through in the business of choice or what may be a challenge and your counter plans as in No 10.
Advice worthy of note is, as a beneficiary who is eager to secure the NEXIT Loan after the compulsory NEXIT Loan Training, if you have a business plan already, update your business plan with current prices of items and services through a new feasibility study. This is because prices of things kept changing recently. Ensure accuracy and organise it concisely as in the NEXIT Loan Business Plan module.
Also, if as a beneficiary you don’t have an existing business plan, endeavour to seek professional assistance in drafting a business plan that suits your choice of business, even if it’s not free.
|SEE ALSO: Npower Batch C Stream 2 Latest Update|
Is CAC Certificate compulsory in accessing the NEXIT Loan?
Having a business registered with the Corporate Affairs Commission offers chances of securing higher loan amounts for your businesses. A good business plan with CAC and TIN can comfortably secure between N1million to N3million loan amounts.
However, in the case of the NEXIT Loan, a soft landing which may make the CAC Certificate non-compulsory, would mean lower funding for the business as business registration ensures easy identification and reliability of a business to be funded.
Originally published by Myinfoclock
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