The Central Bank of Nigeria (CBN) in conjunction with NIRSAL Microfinance Bank, has reopened the portal for Small and Medium Enterprises and households to access up to N25 Million.
The Central Bank of Nigeria in 2020 introduced a stimulus package with the aim of supporting Micro, Small and Medium Enterprises and households that were affected by the COVID-19 pandemic.
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.
CBN/NIRSAL COVID-19 Loan- Who Is Eligible?
- Households: Households with verifiable evidence of livelihood adversely impacted by COVID-19
- Microenterprises: Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic
- SMEs: Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.
How the CBN/NIRSAL COVID-19 Loan 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. You can visit here to submit your application for the CBN/NIRSAL covid-19 loan
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
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).
Need More Information?
Kindly visit CBN NIRSAL Portal here https://nmfb.com.ng/covid-19-support/ to learn more
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