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CBN COVID-19 Support Loan 2020 for Households & Businesses

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CBN COVID-19 Support Loan 2020 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 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;

RELATED: NIRSAL Targeted Credit Facility SME Loan Application Form 2020

CBN COVID-19 Support Loan 2020 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:

  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).

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.

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How to Apply CBN N50bn COVID-19 Support Loan 2020.

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/

OR Click Here to Apply

NOTE: Your application must show clear evidence of the opportunity or adverse impact as a result of the COVID-19 pandemic.

6 COMMENTS

  1. 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.

  2. I was sent a message since 9th of June and since then they not credited my account. Is more almost 3weeks now.

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