The Central Bank of Nigeria (CBN) reopens the NIRSAL COVID-19 loan application portal for MSMEs and individual households. CBN had introduced a stimulus package to aid households and Micro, Small and Medium Enterprises (MSMEs) suffering from the COVID-19 pandemic. Interested and eligible candidates are invited to join up for the loan.
The results of COVID-19 pandemic experienced severe consequences on households’ livelihoods and business activities, caused by drop in global demand, declined consumer confidence and a slowdown in production.
In this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to aid households and Micro, Small and Medium Enterprises (MSMEs) suffering from the COVID-19 pandemic.
CBN/NIRSAL COVID-19 Loan Application | Who Is Eligible?
- Households: Households with verifiable proof livelihood adversely impacted by COVID-19
- Microenterprises: Existing enterprises with verifiable proof business activities adversely affected consequently of the COVID-19 pandemic
- SMEs: Enterprises with bankable plans to make the most of opportunities arising from the COVID-19 pandemic.
CBN COVID-19 Loan Application Procedures
The CBN/NIRSAL COVID-19 Loan Application can be carried out in these three steps;
STEP 1: Submit an Application
- You need to use your phone, tablet or laptop for the application.
- Visit NIRSAL COVID-19 loan portal via https://nmfb.com.ng/covid-19-support/ and submit applications right to NIRSAL Microfinance Bank (NMFB) with clear proof the ability or adverse impact consequently of COVID-19 pandemic.
STEP 2: Approval
- NIRSAL MFB reviews your application and forwards the application to the CBN for final approval.
STEP 3: Disbursement
- CBN reviews applications and gives final approval for disbursement to NMFB
- Interest Rates: Interest rate beneath the intervention is 5% p.a. before 1st March 2021 and 9% p.a. after (all inclusive)
- Load Duration: Working capital will undoubtedly be for a maximum amount of twelve months, without selection for rollover.
- Loan Amount: Households can access as much as N3 million while SMEs can access no more than N25 million at the mercy of numerous factors.
Application Deadline: Not Specified