The Central Bank of Nigeria (CBN) introduced a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.
The Central Bank of Nigeria (CBN) is receiving applications for its ₦50 billion Targeted Credit Facility (TCF) aimed at supporting households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic.
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.
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.
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.
How To Apply For CBN’S ₦50 billion Targeted Credit Facility
Step 1
Submit An Application By Regristring
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 the COVID-19 pandemic.
Follow this link to register and qualify for the loan.
Step 2
Select the appropriate package and fill in the form.
Step 3
Submit your application after confirming that you have inputted the right details.
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