How to Apply for CBN N50bn COVID-19 Support Loan for Households and Businesses. As part of the measure to reduce the impact of COVID-19 pandemic on businesses in Nigeria, the Federal government of Nigeria through the Central Bank of Nigeria (CBN) have introduced COVID-19 support loans for Households, SME and MSME.
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
BUSINESS PLAN & APPLICATION LETTER TEMPLATES
* Business Plan Template
* Cashflow Template
* Loan Application Letter Templates (Household & SME)
Price: N2000
For Online Payment and Instant Download
Click Payment details for Bank Transfer option.
ONLINE APPLICATION PROCESS
* Click COVID-19 Household Loan to commence registration with NIRSAL Microfinance Bank
* Click COVID-19 Mini-SME Loan to commence registration with NIRSAL Microfinance Bank
* Click COVID-19 SME Plus Loan to commence registration with NIRSAL Microfinance Bank
NOTE: Your application must show clear evidence of the opportunity or adverse impact as a result of the COVID-19 pandemic.
OPPORTUNITY: CcHUB Call for Projects – Funding and Design Support for COVID-19 Projects
DOWNLOADS
* COVID-19 LOAN APPLICATION GUIDELINE FOR HOUSEHOLD
* COVID-19 LOAN APPLICATION GUIDELINE FOR MINI SME
* COVID-19 LOAN APPLICATION GUIDELINE FOR SME PLUS
* GUARANTORS FORM
Visit NIRSAL MICROFINANCE BANK website for additional details
The contents on this page are independent post on CBN COVID-19 Support fund, it was extracted for knowledge sharing, we do not represent CBN/NIRSAL
