How to Access up to N25 Million CBN Covid-19 Loan in Nigeria
Targeted Credit Facility for COVID-19
The Central Bank of Nigeria (CBN) introduces a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.
Concept of Targeted Credit Facility (TCF)
The Coronavirus Disease (COVID-19) pandemic has led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment event, lockdown of large swaths movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world.
These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.
In this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.
How to Access up to N25 Million CBN Covid-19 Loan in Nigeria
Who is eligible?
Households
Households with verifiable evidence of livelihood adversely impacted by COVID-19
Download Application Guideline
Apply Now
MSMEs
Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic
Mini SME Business Plan
Download Application Guideline
Apply Now
Corporate Enterprises
Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic
SME and SME Plus Business Plan
Download Application Guideline
Apply Now
DOWNLOAD GUARANTOR’S FORM
How it Works
STEP 1
Submit an Application
The process is easy.You can begin on your phone, your tablet or your laptop.
Submit applications directly to NIRSAL Microfinance Bank (NMFB) with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic.
STEP 2
Approval
We review your application and forward the application to the CBN for final approval.
STEP 3
Disbursement
CBN reviews applications and gives final approval for disbursement to NMFB
FAQ
What is the interest rate?
Interest rate under the intervention is 5% p.a. (all inclusive) up to 28th February 2021 and thereafter, the interest on the facility will revert to 9% p.a. (all inclusive) as from 1st March 2021.
How long is the loan for?
Working capital will be for a maximum period of one year, with no option for rollover. Term loans have a maximum tenor of not more than 3 years with, at least, one-year moratorium.
How much can I access?
Households: Can access a maximum of N3 million
Loan amount to SMEs shall be determined based on the activity, cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million.
Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover. (where the enterprise is not up to 3 years in operation, 25% of the previous year’s turnover will suffice).
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Source: https://nmfb.com.ng/covid-19-support/
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