CBN COVID-19 Support Loan 2024 for Households & Businesses: 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 2024 and thereafter, the interest will revert to 9% P.A. (all-inclusive) as from 1st March 2024, follow the steps below for detailed guidelines on how to apply;
LATEST UPDATE: CBN COVID-19 Stimulus Portal For Households & Businesses Reopens (SEE HOW TO APPLY HERE)
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CBN COVID-19 Support Loan 2024 for Households & Businesses.
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CBN COVID-19 Support Loan Eligiblity.
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
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
- BVN
MSMEs/CORPORATE ENTERPRISES:
- Mini SME (funding between N3m – N10m)
- 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).
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
- BVN
Loan amount to SMEs shall be determined based on the activity, cash flow, 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 COVID-19 Support Loan on Portal.
This online application process consists of the COVID-19 Household Loan with NIRSAL Microfinance Bank, COVID-19 Mini-SME Loan with NIRSAL Microfinance Bank, and COVID-19 SME Plus Loan with NIRSAL Microfinance Bank.
Interested applicants should apply online via the NIRSAL Portal – https://nmfb.com.ng/covid-19-support/
NOTE: Your application must show clear evidence of the opportunity or adverse impact as a result of the COVID-19 pandemic.
How can I get my status weather is approved or not sir thanks
Since my registration i haven’t received any messages or alerts pls what do i do
BENEDICTHA OBI
FOR TWO WEEKS NOW I HAVE BEEN TRYING TO APPLY FOR THE NMFB COVID 19 LOAN TO NO AVAIL. PLEASE KINDLY HELP ME I AM SERIOUSLY AFFECTED BY THIS COVID 19 ME AND MY HOUSEHOLD.
I was sent a message since 9th of June and since then they not credited my account. Is more almost 3weeks now.
Please be patient. If you’ve been approved, definitely you’ll be attended to very soon.
Comment:thanks