The Central Bank of Nigeria (CBN) has said that Small and Medium Enterprises (SMEs) have received the sum of N30.90 billion from its intervention fund
This, according to the apex bank is part of the COVID-19 intervention fund to support businesses that have been negatively impacted by the pandemic.
It stated this in its monthly economic report, adding that its intervention funds continues to bolster credit delivery and growth.
The CBN also disclosed that it had disbursed the sum of N44.62 billion to households as of November 2020.
The report read in part, “The bank continued with its intervention schemes in the economy to enhance credit delivery, bolster productivity and growth, as well as to cushion the effect of the prevailing demand and supply shocks.
“The drive to ease access to credit is yielding the desired results, as the volume and amount of loans disbursed to households increased.
“Also, disbursements by NIRSAL Microfinance Bank to Small and Medium Enterprises increased in both amount and number of loans.
READ ALSO: Partech Report: African tech Ecosystem Growing Fast
“Total disbursement to households stood at N44.62bn as of November 12, 2020, compared with N35.43bn at July 1, 2020 in response to the increased demand for investable funds by households to combat the impact of COVID-19 pandemic.
“Similarly, total disbursement to SMEs stood at N30.90bn as of 12th November 2020, compared with N11.4bn of 1st July 2020 in response to the increased demand for investable funds by businesses to increase output and cushion the impact of COVID-19 pandemic.”
Quick Facts On Intervention Funds By CBN
The CBN had declared that it would be supporting SMEs with N50 billion in response to the outbreak of COVID-19.
It stated that the sum was to support households and SMEs that were impacted negatively by the pandemic.
The apex bank also noted that the goal of the fund was to help MSMEs expand productivity through equi[ment upgrade and research and development.
READ ALSO: “Bandits Are Gathering Money Made From Ransom To Acquire…” Ahmad Gumi
Eligible Candidates
There were requirements laid down to gain access to the funds.
Part of the requirements include:
- Households with verifiable evidence of livelihood adversely impacted by COVID-19;
- Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic; and
- Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.
 has said that Small and Medium Enterprises (SMEs) have received the sum of N30...Intervention fund...){kind=link}