BLOG

CBN N50bn COVID-19 Support Loan

Posted


CBN N50bn COVID-19 Support Loan | 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

CBN N50bn COVID-19 Support Loan

The COVID-19 Support fund will be distributed by NIRSAL Microfinance Bank and come with an Interest rate under the intervention is 5% P.A. (all-inclusive) up to 28th February 2021 and thereafter, the interest will revert to 9% P.A. (all-inclusive) as from 1st March 2021, follow the steps below for detailed guidelines on how to apply;

ELIGIBILITY

HOUSEHOLDS: For a household to benefit, they must provide verifiable evidence of livelihood adversely impacted by COVID-19 and agreed to allow NIRSAL Microfinance Bank (NMFB) to assess their financial records. Households Can access a maximum of N3 million

Requirement:
· Loan application letter
· Duly completed application form
· Duly executed Guarantor form
· A valid means of ID (national ID, driver’s license, voter’s card or international passport)
· Current utility bill
· 2 recent passport-size photographs
· BVN

MSMEs/CORPORATE ENTERPRISES:
(1) Mini SME (funding between N3m – N10m)
(2) SME Plus (funding between N10.1m and N25m)
Existing enterprises must provide verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic and also agreed to allow NIRSAL Microfinance Bank (NMFB) to assess their financial records.
The Bank will assess the capacity of the customer through the customer’s business history; via total account statement turnover (with NMFB and other banks), however, this would not be the only tool used to determine customer’s eligibility. (Note: Where a review of the customer’s account statement raises fundamental issues, the bank reserves the right to make decisions as considered appropriate).

Requirement:
· Loan application letter
· Duly completed application form
· Duly executed Guarantor form
· A valid means of ID (National ID, Driver’s License, Voter’s Card or International passport)
· Current utility bill
· 2 recent passport-size photographs
· BVN

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

FOR MINI-SME & SME PLUS BUSINESS PLAN IS REQUIRED
ENSURE YOU STATE AND DESCRIBE HOW COVID-19 NEGATIVELY IMPACTED YOUR HOUSEHOLD OR BUSINESS

NOTE: Your application must show clear evidence of the opportunity or adverse impact as a result of the COVID-19 pandemic.

Visit NIRSAL MICROFINANCE BANK website for additional details

Share this information with your friends. Also feel free to ask any questions pertaining to this Page Don’t forget to like us on Facebook Page



Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.