FREQUENTLY ASKED QUESTION ON THE ENUGU BUSINESS SUPPORT LOAN (EBSL) POWERED BY LIDYA

Below are the frequently asked question on the Enugu business support loan (EBSL) powered by Lidya

1. What is the Enugu Business Support Cash Advance (EBSL) powered by Lidya®

The Enugu Business Support Loan (ESBL) powered by Lidya® is an innovative cash advance program that supports existing businesses to quickly raise financing to meet its monthly operational needs. It helps entrepreneurs and business owners to be disciplined in the management of their finances and grow their business properly 

2. What are the loan benefits

• The ESBL Powered by Lidya ® provides you monthly cash advance based on your six (6) months bank account statement;

• Lidya’s loans are without collateral, without guarantors and co-signers. When approved, the loan is disbursed instantly;

• You can apply up to N5,000,000 (Five Million Naira Only)

 3. What is the eligibility criteria

The business must have a minimum monthly turnover of N500,000 (Average of your Total Debit and Total Credit on your Bank Statement) to qualify. Loan repayment terms will be determined by our partners Lidya upon successful assessment

 4. What is the interest rate and duration of the cash advance?

The cash advance has a 3.5% interest rate for 30 days (renewable every 30 days if required). Upon repayment, you can qualify for a longer tenure with Lidya®.

 5. If my company isn’t registered with CAC, can I apply as an individual?

YES!! You can apply as an individual with either you current or savings account. The eligibility of monthly turnover of N500,000 (Five Hundred Thousand Naira Only) as indicated in No. 3 still stands

 6. Can I apply with a microfinance bank account?

   NO

7. Must I be resident in Enugu State?

You can apply from anywhere in the country as an Ndi-Enugu/Resident

8.  What is the application process?

1. Fill in your details if you financially qualify and can meet the requirements
2. Await call from our partners Lidya® for an on the phone assessment
3. Meet all requirements of Lidya® and submit documentation as agreed by our partners, Lidya®
4. Receive Funds

9. What are the requirements for applying

1. Your Full name, Address [Business & Residential], BVN
2. Your CAC Certificate (For Businesses. If you are applying as an individual, you don’t need CAC Documents)
3. Last Six (6) months Bank Statement (PDF Copy Strictly)- If applying as an Individual, it’s your six (6) current or savings bank account statement
4. TIN(If available)
5. Copy of a utility bill
6. Copy of a government-issued photo identification document
7. Next of Kin Details (Name, Address, Phone Number and Relationship).

10. If I am a startup, should I apply?

YES, if you meet the eligibility criteria. You can also apply as an individual (with your current and savings account)

11. If I have an ongoing business doing well but I don’t have my CAC documents, can I apply?

YES. You can apply as an individual with your current or savings account, provided you meet the eligibility criteria.

12. If I don’t want to give my BVN, can I apply?

      NO. It is important to provide security for the lender.

If you don’t have access to internet or you’re not internet savvy, you can come to the Enugu SME Center and apply for free.

Address

No. 2, Market Garden by SME Roundabout

Opposite, Ebeano Tunnel

GRA, Enugu

Phone Numbers: +2348089344768; +2348084998224; +2349042439495

Email: info@enugusme.ng

Website: www.enugusme.en.gov.ng