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.
This is to inform all Nigerians that the Federal Government in collaboration with the Central Bank of Nigeria (CBN) and the NISRAL Microfinance Bank has reopened the portal for new applicants to access the N50 Billion Naira Targeted Credit Facility Loan support scheme to Households and Micro, Small and Medium Enterprises in Nigeria that are affected by the COVID-19 Pandemic.
Are you looking for a Loan to boost your business? Is your business greatly affected by the COVID-19 Pandemic? Do well to apply for this Loan, for this the second phase of it, after the first phase was closed in June.
In this article, I will show the process to apply, all requirements needed and who is eligible for this Loan application, see more details below and apply here now for COVID-19 Support
Concept of Targeted Credit Facility (TCF)
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 the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.
The applicants eligible for this N50 billion Targeted Credit Facility (TCF) are listed below, if you fall any of this categories, click on the link beside it to apply:
Application Procedures and how it 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, through any of the categories listed above.
STEP 2: Approval
We (NMFB) review your application and forward the application to the CBN for final approval.
STEP 3: Disbursement
CBN reviews applications and gives final approval for disbursement to NMFB.
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