The REREF application portal is now open for Small and Medium Scale Businesses to apply for the Rapid Economic Recovery Fund (REREF) Business Loans 2022.
The Federal Government of Nigeria through the Rapid Economic Recovery Fund (REREF) Growth Strategy Board, has approved the release of funds for the REREF BUSINESS LOANS 2022. Eligible Businesses can apply on the REREF application portal which is scheduled to open from 18th September, 2022.
This was made known to the public by the Director of Operations – Ahmed Amadi in a Public Notice published on 5th of this month.
Rapid Economic Recovery Fund (REREF) is a Federal Government initiative to reduce poverty and growth challenges in Nigeria. The goal of Rapid Economic Recovery Fund is to make a fundamental break, recover and stabilize Nigeria’s economy through small and medium scale enterprises.
REREF is one of Nigeria’s Poverty Reduction Strategy, built on the earlier efforts to produce the interim Poverty Reduction Strategy and the wide consultative processes associated with it. REREF recognizes that the fundamental challenge at this stage of Nigeria’s development is to meet the basic needs of it’s people and reduce poverty on a sustained basis.
These are the amount of loans qualified businesses can apply for depending of the Business Scale.
Business Startup: N500,000 – N3,000,000
Business Expansion: N500,000 – N5,000,000
Loan Duration: 3 Years + 3 Months Moratorium
Interest Rate: 9 Percent
Application Limit: 15000 Small and Medium Scale Enterprises.
REREF Certified EDCs
Applicants are required to undergo an entrepreneurial training at any of the
REREF Certified Entrepreneurship Development Centres (EDCs) below:
1. Potential Learning (RBL2022PL/R01)
2. Ampiro Schools (RBL2022AS/R02)
Subsidized Entrepreneurship Training Fees
1. Entrepreneurship Training Only: N8500
2. Entrepreneurship Training + Business Plan: N13500
Note: applicants are not required pay for Business Plan if you intend to develop it yourself.
To be qualified for the REREF Business Loans, applicants are required to provide the following:
- Entrepreneurship Training
- Business Plan
- Application Form
- Verifiable Address
- Application Portal Opens: 18th September, 2022
- Entrepreneurship Training Notification: 25th-30th November, 2022
- Entrepreneurship Training Nationwide: 5th-15th December, 2022
- COFUND Batch’A’ Entrepreneurship Training Request Deadline: 18th November, 2022
- Submission of Application: 15th-30th December, 2022
- Physical Interview Notification: 9th-13th January, 2023
- Physical Interview Nationwide: 16th-27th January, 2023
How to Apply
Interested and eligible Small and Medium Scale Businesses can apply for the Rapid Economic Recovery Fund (REREF) Business Loans 2022 online by following the application steps below:
- Visit the REREF Application portal: www.rerefnigeria.ng
- Start application, select Entrepreneurship Development Centre (EDC), download and print
Entrepreneurship Training Request Form.
- Complete the Entrepreneurship Training Request Form neatly and attach the required documents.
- Forward the Entrepreneurship Training Request Form via email to the select Entrepreneurship
- On receipt of Entrepreneurship Certificate, visit rerefnigeria.ng again and complete the Application
For further enquiry visit REREF Address at:
RAPID ECONOMIC RECOVERY FUND
Plot 103/104 Monrovia Street Wuse 2, FCT Abuja
For more information visit REREF Portal: https://rerefnigeria.ng/index.html