NIRSAL Microfinance Bank has announced the closure of the Targeted Credit Facility, otherwise known as the COVID-19 Loan application.

The bank made the announcement was made via the loan application page. This came after three (3) months of receiving applications from Nigerians, who are impacted by the COVID-19 pandemic. The CBN had introduced the N50 billion Targeted Credit Facility as a stimulus package to support households and micro, small and medium enterprises that are affected by the coronavirus pandemic

Meanwhile, about N49 Billion has been disbursed to over 80,000 Households, who are beneficiary of the COVID-19 Targeted Credit Facility (COVID-19 Loan).

Covid-19 Loan Application

According to the CBN Director for Corporate Communications, Isaac Okoroafor, during a Channels television interview, he said;
“At the CBN we have looked at it and we felt that everyone must work hard to ensure that the economy does not slip back into recession. We have done that with a couple of interventions, we have the targeted credit facility for households and small businesses which as we speak, out of the N50 billion earmarked for this, more than N49 billion has been disbursed to over 80,000 families and households.

‘’We also have the N100 billion healthcare facility which quite a number of operators in that area have benefitted and we are inviting others to come in. we believe that Nigerians have the power, have the energy, have the creativity to ensure that this economy doesn’t go into recession.

“Of course there is consensus across the world, most economies if not all will go into recession this year and Nigeria is not totally immune from it, but we are working as a monetary authority, as a public institution to ensure that those Nigerians, families and small businesses whose businesses were negatively impacted by this pandemic, that we give them the opportunity to walk themselves out of that kind of recession and to be able to maintain even their businesses as they go on and their livelihoods.”

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