We are pleased to inform you that the Application portal for CBN Covid-19 Loan Targeted Credit Facility is now open.
The Central Bank of Nigeria (CBN) reopens the NIRSAL COVID-19 loan application portal for MSMEs and individual households. CBN had introduced a stimulus package to assist households and Micro, Tiny and Medium Enterprises (MSMEs) afflicted with the COVID-19 pandemic. Interested and eligible candidates are invited to join the loan.
The end result of COVID-19 pandemic also has severe consequences on households’ livelihoods and business activities, due to a drop in global demand, declined consumer confidence, and a slowdown in production.
With this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) to be a stimulus package to assist households and Micro, Tiny, and Medium Enterprises (MSMEs) afflicted with the COVID-19 pandemic.
CBN/NIRSAL COVID-19 Loan Application | Who Is Eligible?
- Households: Households with verifiable proof of livelihood adversely relying on COVID-19
- Microenterprises: Existing enterprises with verifiable proof of business activities were adversely affected because of the COVID-19 pandemic
- SMEs: Enterprises with bankable promises to benefit from opportunities arising from your COVID-19 pandemic.
CBN/NIRSAL COVID-19 Loan Application Procedures
The CBN/NIRSAL COVID-19 Loan Application can be carried out within these three steps;
STEP 1: Submit an Application
- You can utilize your phone, tablet, or laptop for the application.
- Visit NIRSAL COVID-19 loan portal via https://nmfb.com.ng/covid-19-support/ and submit applications to NIRSAL Microfinance Bank (NMFB) with clear proof of an opportunity or adverse impact because of COVID-19 pandemic.
STEP 2: Approval
- NIRSAL MFB reviews your application and forwards the application to CBN for final approval.
STEP 3: Disbursement
- CBN reviews applications and final approval for disbursement to NMFB
- Interest Rates: Interest in the intervention is 5% p.a. before 1st March 2021 and 9% p.a. after (all-inclusive)
- Load Duration: Working capital might be for just a maximum amount of 12 months, without the need of selection for rollover.
- Loan Amount: Households can access about N3 million while SMEs can access more than N25 million be subject to many factors.
Application Deadline: Not Specified