The emergence of the COVID-19 pandemic has caused disruptions in global economies, and in a bid to diminish the effects on local businesses and households in the country, the Central Bank of Nigeria (CBN) launched the Targeted Credit Facility through NIRSAL Microfinance Bank.
Households and Micro, Small, and Medium Enterprises (MSMEs) will benefit from the allocated N50 billion.
According to reports, the Nigerian economy is made up of 90 percent of MSMEs, and to keep the wheels of these businesses grinding, the CBN launched the credit scheme.
MSMEs can get up to N25 million, while households can get up to N3 million.
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Aim of the NIRSAL Loan
- To alleviate the effects of the pandemic on both MSMEs and households and;
- To drive growth in small businesses in the face of disruptions created by the pandemic.
Who Is Eligible?
Eligible applicants for the Nirsal-CBN loan scheme include households – households must be able to prove that they have been negatively impacted by the pandemic;
Businesses are also eligible for the loan, but they must have proof that they also have been affected by the pandemic negatively.
How Much Can You Access?
Households can access up to N3 million, while MSMEs can get up to N25 million – the loan will be given to MSMEs based on their activity, industry size, and financial strength.
What is the Interest Rate of the Loan?
The interest rate of the loan is 9 percent per annum.
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Length of Loan
After obtaining the loan, you have a maximum period of one year, and the term of the loan has a maximum tenor of not more than 3 years.
How To apply for the NIRSAL Loan
You can apply here.
Or
MSMEs can apply through this link, and households can apply through this link.
Other Requirements
- BVN
- Business registration (for businesses only)
- Business plan
Check the website for more information.
After submitting your information on the NIRSAL platform, your application will be reviewed and forwarded to the CBN upon determination of a satisfactory application.
Following CBN approval, NIRSAL will be given the approval to disburse the loan.
Deadline of the Scheme?
The scheme is valid until December 31, 2021.
