Rapid Economic Recovery Fund(REREF) 2024 – Business Loans Application Portal – rerefnigeria.ng
This is to notify the general public and all Nigerians that the application portal for the 2024 REREF Nigeria business loan application portal is now open for interested and eligible SMEs to submit their application form online. See full detail of the Rapid Economic Recovery Fund below and how to apply.
What is REREF Nigeria
Rapid Economic Recovery Fund (REREF) is the response to poverty reduction and growth challenges in Nigeria. The goal of the Rapid Economic Recovery Fund is to make a fundamental break, recover and stabilize Nigeria’s economy through small
and medium-scale enterprises.
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REREF Application Portal
The Rapid Economic Recovery Fund has created a portal for interested Nigerians who wish to participate in the business loan program to submit their application form online. The portal went live on 12th September 2022. The portal can be accessed by visiting the official website at rerefnigeria.ng. See how to apply section for a direct link
Progress Timetable:
- Application Portal Opens: 12th September 2022
- Batch ‘A’ Entrepreneurship Training Request Deadline: 18th November 2022
- Entrepreneurship Training Notification: 25th – 30th November 2022
- Entrepreneurship Training Nationwide: 5th – 15th December 2022
- Submission of Application: 15th – 30th December 2022
- Physical Interview Notification: 9th – 13th January 2023
- Physical Interview Nationwide: 16th – 27th January 2023
REREF Loan Specifications
- Business Startup: N500,000 – N3,000,000
- Business Expansion: N500,000 – N5,000,000
REREF Nigeria Loan Duration
The duration of this loan is 3 Years and the loan has a 3 months moratorium period.
Rapid Economic Recovery Fund Interest Rate
The REREF loan has a single-digit interest rate of 9%(nine percent).
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Loan Application Limit
The loan has an expected limit of 15000 Small and Medium Scale Enterprises.
Requirement for Rapid Economic Recovery Fund Application
Prospective candidates must meet the following requirements to be eligible for a loan;
- You must undergo an Entrepreneurship Training
- You must have a business plan
- You must complete and submit the online application form
- You must have a verifiable address
- You must have a guarantor
Rapid Economic Recovery Fund Application Procedure
To participate in the REREF Nigeria business loan program, all interested people must present an Entrepreneurship Certificate. This certificate can be gotten from REREF or other EDC or EDI centers in the country.
If you have an existing Entrepreneurship Certificate from CBN Certified EDC or EDI forward it to [email protected] (REREF will assign you a new “Entrepreneurship Certificate Number” acceptable on REREF Application Portal) otherwise you must go through Entrepreneurship Training.
Note: Rapid Economic Recovery Fund has made it easy for applicants without a valid Entrepreneurship Certificate by partnering with two EDCs to provide Entrepreneurship Training and Business plans at a subsidized rate.
To register for Entrepreneurship Training, “Start Application” select Entrepreneurship Development Centre (EDC) and training category of your choice, download and print the Entrepreneurship Training Request Form, complete it neatly and make payment for the training, forward the Entrepreneurship Training Request Form and Evidence of Payment via email to the selected Entrepreneurship Development Centre as instructed on the form.
On receipt of the “Entrepreneurship Certificate Number,” you can now proceed to start your application by inputting your Entrepreneurship Certificate Number and Validate.
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List of Certified EDCs
The REREF certified entrepreneurship development centers (EDCs) include;
- Potential Learning (RBL2022PL/R01)
- Ampiro Schools (RBL2022AS/RO2)
Subsidized Entrepreneurship Training Fees
- Entrepreneurship training only – N8500
- Entrepreneurship training and Business plan – N13500
Note: Do not pay for Business Plan if you intend to develop it yourself.
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How to Apply for REREF Nigeria Business Loan
Interested applicants for the loan should submit their application form online via the reref nigeria loan portal here before the application deadline. All prospects must ensure they follow the above procedures carefully to avoid errors.
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