The Central Bank of Nigeria has reopened its application portal for interested Nigerians to apply up to N25 Million Targeted Credit Facility (TCF) for COVID-19 loan.
A stimulus package to support households and Micro, Small, and Medium Enterprises (MSMEs) affected by the COVID19 pandemic
Interested Applicants are to visit https://nmfbloans.nmfb.com.ng/
The corona virus (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) introduced 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.
This Guidelines outlines the operational modalities for the Scheme.
The broad objectives of the CBN’s N50 billion Targeted Credit Facility include:
1). Cushion the adverse effects of COVID-19 on households and MSMEs;
2). Support households and MSMEs whose economic activities have been
significantly disrupted by the COVID-19 pandemic.
3). Stimulate credit to MSMEs to expand their productive capacity through
equipment upgrade, and research and development.
• Eligible Participants:-
1). Households with verifiable evidence of livelihood adversely impacted by COVID-19.
2). Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic.
3). Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.
• Loan Limit:-
1). SMEs: The loan amount shall be determined based on the activity, cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million for SMEs.
2). Households: Can access a maximum of N3 million
3). 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.
Also Read >>> CBN Increases the Covid-19 Targeted Credit Facility For SMEs and Households Funds To N300Bn
• How to Apply:-
Step 1: Submit An Application:-
The process is easy, visit this site to apply https://nmfbloans.nmfb.
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 the COVID-19 pandemic.
STEP 2 Application 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.
Click Here To Apply
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