CBN N50 billion COVID-19 Loan Facility Application

The Central Bank of Nigeria stimulus package was designed to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic, tagged: Targeted Credit Facility for COVID-19

The loan facility package was to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic and the sum of N50 billion was budgeted.  

Loan Eligibility

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

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

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

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.

Step 2: Approval

We 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

Loan Interest rate?

Interest rate under the intervention is 5% p.a. (all inclusive) up to 28th February 2021 and thereafter, the interest on the facility will revert to 9% p.a. (all inclusive) as from 1st March 2021.

Loan Payment Duration?

Working capital will be for a maximum period of one year, with no option for rollover. Term loans have a maximum tenor of not more than 3 years with, at least, one-year moratorium.

How much can I access?

1. Households: Can access a maximum of N3 million

2. Loan amount to SMEs shall be determined based on the activity, cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million.

Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover. (where the enterprise is not up to 3 years in operation, 25% of the previous year’s turnover will suffice).