Update: CBN Loans, Covid-19 Support–NIRSAL Microfinance Bank ( How to Apply for CBN COVID-19 loan in Nigeria

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CBN Loans Updates  

Steps on how to apply for COVID-19 loan   

The Central Bank of Nigeria (CBN) says the bank does not charge any fee on COVID-19 loan applications as claimed in false reports circulated on social media.

Prospective applicants are advised to approach NIRSAL Micro Finance Bank or the CBN branch nearest to them for clarification on the procedure for accessing any of the bank’s related loans.

“Any observed irregularities should be reported to the Consumer Protection department of the CBN via [email protected] or call 07002255226” he stated.

Access up to N25 Million

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. You can click here to get the full details on how to apply for the covid-19-support loan from CBN

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Who Is Eligible?

Households

Households with verifiable evidence of livelihood adversely impacted by COVID-19

MSMEs

Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic

Corporate Enterprises

Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic

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

Want to speak with someone?

09010026900 – 7
Monday to Friday (8am – 5pm)

FAQ

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.

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.

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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10 COMMENTS

  1. Sir l have nurse this idea of owing a piggry farm for a while now but have not being able to raise the money l don’t know if l will be able to fit into this program . Hope to hear from u thanks.

  2. I hope that,cbn should be regards the masses people which suits to collect the collaboration from,and be more exermine on giving to this opportunity.

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