The Central Bank of Nigeria (CBN) introduces a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic, see more below.

Have you heard about the CBN Loan for Households and MSMEs? Were you affected by the COVID-19 Pandemic? Are you ready to boast your business to greater heights? Do you want to start a business? If you answers are yes, then you are on the right place, continue reading…

2020 CBN Targeted Credit Facility (TCF) for COVID-19 Support Loan Application

This is your opportunity to get the CBN loan to boast your business and make you bounce back. In this article, you will see all the requirements, guidelines and how to apply for this Loan and access the 50billion naira set out to encourage young and vibrant individuals to boast their business.

About the CBN Targeted Credit Facility (TCF) for COVID-19 Support Loan Application

The Coronavirus Disease (COVID-19) pandemic has led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment event, lockdown of large swaths movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world.

These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.

In this respect, the Central Bank of Nigeria (CBN) introduces N50billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.

Who is Eligible?

Households

Households with verifiable evidence of livelihood adversely impacted by COVID-19

Microenterprises

Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic

SMEs

Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic

How does the Loan Process 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

We review your application and forward the application to the CBN for final approval.

Disbursement

CBN reviews applications and gives final approval for disbursement to NMFB

How to Apply for the CBN Targeted Credit Facility (TCF) for COVID-19 Support Loan

For Households, read the application guidelines first before applying, click Here to download, then click Apply Now

For Microenterprises, read the application guidelines first before applying, click Here to download, then click Apply Now and read this Mini SME Business Plan

For SMEs, read the application guidelines first before applying, click Here to download, then click Apply Now  and read this Mini SME Business Plan

Closing Date

For now there is no date for the closing of the loan application, is on-going for interested individuals.

Good Luck

By noble

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