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
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.
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
OTHER CBN LOAN OPPORTUNITIES FOR BUSINESSES:
How To Access CBN Loan for the Creative Industry Financing Initiative (Creative Industry Loan)
Detailed Guide on How to Access CBN AGSMEIS Loan For SME’s and Agricultural Businesses Without Collateral
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
