Get assistance from CBN covid19 loan for households and Micro, Small and Medium Enterprises (MSMEs) in Nigeria is a stimulus package to support them especially those whose economic activities have been significantly disrupted by the COVID-19 pandemic.
Since the eruption of the virus, coronavirus epidemic, world business have gone down greatly leading to oil price drop and lose of health and wealth which makes the world stand still.
The Nigerian Federal government take a look at such and decided to device a plan to help it’s citizens whose business had been affected due to the wide spread disease.
We will teaching you here how to apply for this loan succefully. Information contained in this page are well research from legit website and CBN is one the website the research had been carried out from.
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Table of Contents
Who Is Eligible for the loan?
Below is the eligibility status for Cbn covid 19 loan.
- Households with verifiable evidence of livelihood adversely impacted by
- Existing enterprises (MSMEs) with verifiable evidence of business activities
adversely affected as a result of the COVID-19 pandemic.
- Enterprises with bankable plans to take advantage of opportunities
arising from the COVID-19 pandemic.
Eligible activities under the Scheme include:
- Agricultural value chain activities
- Hospitality (accommodation and food services)
- Health (pharmaceuticals and medical supplies)
- Airline service providers
- Manufacturing/value addition
- Any other income generating activities as may be prescribed by the CBN.
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How To Apply for the loan
How to apply for Cbn covid 19 loan. The N50 billion Targeted Credit Facility (TCF) by the Central Bank of Nigeria (CBN) are disbursed through the NIRSAL Microfinance Bank (NMFB) and below is 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
NIRSAL Microfinance Bank reviews your CBN covid19 loan 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 To Submit Application Forms for CBN Covid19 Loan in Nigeria
- Visit : https://nmfb.com.ng/covid-19-support/
- Click the “Apply Now” button under the category you want to apply for.
- Right there, you can also download NIRSAL guarantor’s form for CBN covid19 loan.
What is the interest rate of CBN covid19 loan ?
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 CBN covid19 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).
For more info including the collateral requirements for the CBN covid19 loan, you can check out the circular published by CBN that contains the guidelines for the implementation of the N50 billion Targeted Credit Facility (TCF) disbursed through the NIRSAL Microfinance Bank (NMFB).