CBN/NIRSAL COVID-19 Loan Application Portal is Open - Money Making Ideas

CBN/NIRSAL COVID-19 Loan Application Portal is Open

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 We are pleased to inform you that the Application portal for CBN Covid-19 Loan Targeted Credit Facility is now open.

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 assist households and Micro, Tiny and Medium Enterprises (MSMEs) afflicted with the COVID-19 pandemic. Interested and eligible candidates are invited to join up to to the loan.

BACKGROUND

End result of COVID-19 pandemic also have severe consequences on households' livelihoods and business activities, due to drop in global demand, declined consumer confidence and slowdown in production.

 

With this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) to be a stimulus package to assist households and Micro, Tiny and Medium Enterprises (MSMEs) afflicted with the COVID-19 pandemic.

CBN/NIRSAL COVID-19 Loan Application | Who Is Eligible?

  • Households: Households with verifiable proof of livelihood adversely relying on COVID-19
  • Microenterprises: Existing enterprises with verifiable proof of business activities adversely affected because of the COVID-19 pandemic
  • SMEs: Enterprises with bankable promises to benefit from opportunities arising from your COVID-19 pandemic.

CBN/NIRSAL COVID-19 Loan Application Procedures

The CBN/NIRSAL COVID-19 Loan Application can be carried out within these three steps;

STEP 1Submit an Application

  • You can utilize your phone, tablet or laptop to the application.
  • Visit NIRSAL COVID-19 loan portal via https://nmfb.com.ng/covid-19-support/ and submit applications on to NIRSAL Microfinance Bank (NMFB) with clear proof of an opportunity or adverse impact because of COVID-19 pandemic.

STEP 2: Approval

  • NIRSAL MFB reviews your application and forward the application towards CBN for final approval.

STEP 3: Disbursement

  • CBN reviews applications and final approval for disbursement to NMFB

Further Notes:

  • Interest Rates: Interest in the intervention is 5% p.a. before 1st March 2021 and 9% p.a. after (all inclusive)
  • Load Duration: Working capital might be for just a maximum amount of 12 months, without the need of selection for rollover.
  • Loan Amount: Households can access about N3 million while SMEs can access a more N25 million be subject to many factors.

Application Deadline: Not Specified

Look at the Official NIRSAL Application Portal for Further Details

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