CBN reopens N50bn COVID loan portal for businesses, households

The Central Bank of Nigeria (CBN) is still receiving applications for its N50 billion targeted credit facility (TCF) aimed at supporting households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic

JOIN US FOR MORE ON:
or
or Follow us on WhatsApp Channel

The stimulus package, set up by the apex bank in March 2020, is disbursed through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank.

Announcing the portal reopening in a tweet on Monday, NIRSAL Microfinance Bank (NMFB) said applicants must be households and MSMEs with verifiable evidence of livelihood adversely impacted by the coronavirus pandemic.

Read Also: CBN launches talents, artwork and skills competition

Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic are also eligible to apply.

The interest rate on the facility will be nine percent per annum, working capital will be for a maximum period of one year, with no option for rollover.

The working capital to be offered to eligible businesses has been fixed at a maximum of 25 percent of the average of the previous three years’ annual turnover.

Recommended: 5 Effective Tips That Can Help Small Businesses (MSMEs) Get Easy Access To Loans

However, if the enterprise is not up to three years in operation, 25 percent of the previous year’s turnover will be offered.

Term loans have a maximum tenor of not more than 3 years with, at least, one-year moratorium.

Households can access a maximum loan of N3 million while the loan amount to SMEs shall be determined based on the cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million.

Interested applicants can access the loan application portal via this link.

Join WhatsApp Groups

Join any of these WhatsApp Groups to receive more jobs and other opportunities

You can also Join our Telegram Group here.

> Check your mailbox or spam to confirm.

DISCLAIMER: Do not pay or release sensitive financial details to any organizer/recruiter unless futher verified from your end.

Recommended For You

Got a question/Suggestion? Let's talk!