CBN N50bn COVID-19 Support Loan for Households and Businesses: Here is 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.

In this article, you will get detailed guidelines on how to access the Central Bank of Nigeria (CBN) N50bn COVID-19 Support Loan for Households and Businesses. The application procedures are as shown below.

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CBN N50bn COVID-19 Support Loan for Households and Businesses.

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 2025 and thereafter, the interest will revert to 9% P.A. (all-inclusive) as from 1st March 2025, follow the steps below for detailed guidelines on how to apply.

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CBN N50bn COVID-19 Support Loan 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

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Requirements.

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
Bank Verification Number (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

How to Apply CBN N50bn COVID-19 Support Loan for Households and Businesses.

Interested candidates for the CBN N50bn COVID-19 Support Loan for Households and Businesses should click on any of the link provided below to begin their application online.

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.