CBN N50bn COVID-19 Fund Disbursement Begins Thursday


CBN N50bn COVID-19 Fund Disbursement Begins Thursday: Barring any last-minute change in plans, the disbursement of the first tranche of the Central Bank of Nigeria N50bn targeted credit facility would begin on Thursday.

The fund, which is being managed by the NIRSAL Microfinance Bank, has received over 80,000 applications.

CBN N50bn COVID-19 Fund Disbursement Begins Thursday.

The Managing Director, NIRSAL Microfinance Bank, Mr. Abubakar Kure, confirmed the development in a telephone interview with our correspondent.

Kure, who did not provide the amount to be disbursed in the first tranche, said that those whose applications were successful would start receiving their fund on Thursday.

He said, “But we are hopeful that towards Thursday or Friday, the disbursement of the fund would commence.”

Loading...

RELATED: How To Apply CBN MSMEDF Loan 2020 Application Form & Guidelines

The CBN had introduced the N50bn Targeted Credit Facility as a stimulus package to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic.

The N50bn intervention is being financed from the Micro, Small and Medium Enterprises Development Fund.

In terms of limit, the loan amount would be determined based on the activity, cash flow and industry size of beneficiary, subject to a maximum of N25m for SMEs.

Households can access a maximum of N3m while working capital would be a maximum of 25 percent of the average of the previous three years’ annual turnover.

READ ALSO: COVID-19: OAU Commences Sensitization/Distribution of Relief Materials

Based on the guidelines released by the CBN, those that can benefit from the fund are households with verifiable evidence of livelihood adversely impacted by COVID-19; existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic and enterprises with bankable plans.

According to the CBN guidelines, activities covered under the scheme include agricultural value chain; hospitality (accommodation and food services); health (pharmaceuticals and medical supplies); and airline service providers.

Others are manufacturing/value addition; trading and any other income-generating activities as may be prescribed by the CBN.

RELATED: CDFIPB Application Number Retrieval Process 2020 [NSCDC Recruitment]



Loading...

Join the Conversation

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related Articles

Akanu Ibiam Federal Poly Postgraduate Diploma Form 2020/2021

Akanu Ibiam Federal Poly Postgraduate Diploma Form 2020/2021: Akanu Ibiam Federal Polytechnic, Unwana is now selling forms for admission into its Postgraduate Diploma (PGD)...

Akanu Ibiam Federal Poly HND Admission Form 2020/2021

Akanu Ibiam Federal Poly HND Admission Form 2020/2021: Akanu Ibiam Federal Polytechnic, Unwana is now selling application forms for admission into its full-time and...

Edo State Polytechnic HND Admission Form 2020/2021

Edo State Polytechnic HND Admission Form 2020/2021: The sale of forms for admission into the HND full-time and part-time programmes of the Edo State...

Edo State Poly Post UTME Form 2020/2021 – ND Full-Time

Edo State Poly Post UTME Form 2020/2021 - ND Full-Time: Edo State Polytechnic (Formerly Edo State Institute of Technology and Management) post UTME application...

Npower Recruitment 2020 Application Portal npower.fmhds.gov.ng

Npower Recruitment 2020 Application Portal npower.fmhds.gov.ng: Npower Recruitment 2020 is currently ongoing (npower.fmhds.gov.ng). This page will guide you on the latest information about how...

Katsina State Board of Internal Revenue Recruitment 2020 & How to Apply

Katsina State Board of Internal Revenue Recruitment 2020: Are you looking for Katsina State Recruitment form? Do you want to apply for Katsina State...

Get in Touch

439FansLike
174FollowersFollow
273FollowersFollow
114FollowersFollow

Latest Posts

Akanu Ibiam Federal Poly Postgraduate Diploma Form 2020/2021

Akanu Ibiam Federal Poly Postgraduate Diploma Form 2020/2021: Akanu Ibiam Federal Polytechnic, Unwana is now selling forms for admission into its Postgraduate Diploma (PGD)...

Akanu Ibiam Federal Poly HND Admission Form 2020/2021

Akanu Ibiam Federal Poly HND Admission Form 2020/2021: Akanu Ibiam Federal Polytechnic, Unwana is now selling application forms for admission into its full-time and...

Edo State Polytechnic HND Admission Form 2020/2021

Edo State Polytechnic HND Admission Form 2020/2021: The sale of forms for admission into the HND full-time and part-time programmes of the Edo State...

Edo State Poly Post UTME Form 2020/2021 – ND Full-Time

Edo State Poly Post UTME Form 2020/2021 - ND Full-Time: Edo State Polytechnic (Formerly Edo State Institute of Technology and Management) post UTME application...

Npower Recruitment 2020 Application Portal npower.fmhds.gov.ng

Npower Recruitment 2020 Application Portal npower.fmhds.gov.ng: Npower Recruitment 2020 is currently ongoing (npower.fmhds.gov.ng). This page will guide you on the latest information about how...

What's Trending

NDA Application Form 2020/2021 – 72nd Regular Course Admission

NDA Application Form 2020/2021 - 72nd Regular Course Admission : Applications are invited from suitably qualified candidates for admission into the Nigerian Defence Academy...

Npower Registration Portal 2020 – https://npower.fmhds.gov.ng/signup

Npower Registration Portal 2020 – https://npower.fmhds.gov.ng/signup: The 2020 N-Power application portal (https://npower.fmhds.gov.ng/signup) opened for registration at 11.45 pm on June 26th, 2020, to all...

Civil Defence Shortlisted Candidates 2019/2020 Download PDF

Civil Defence Shortlisted Candidates 2019/2020 Download PDF : NSCDC Shortlisted Candidates 2019: Nigeria Security and Civil Defence Corps Recruitment shortlisted candidates is Out you...

JAMB Result 2020 is Out : Check Your UTME Results www.jamb.org.ng

JAMB Result 2020 is Out : Check Your UTME Results www.jamb.org.ng : JAMB Results 2020 Online Checking Steps | www.jamb.org.ng – First of all,...

Download Nigeria Civil Defence List of Shortlisted Candidates 2019

Download Nigeria Civil Defence List of Shortlisted Candidates 2019 : NSCDC Shortlisted Candidates 2019. Download the Nigeria Civil Defence (NSCDC) Recruitment List of Shortlisted...

npower.fmhds.gov.ng Signup- Npower Batch C Registration Portal [LOGIN]

npower.fmhds.gov.ng Signup- Npower Batch C Registration Portal : NPower Recruitment 2020 has began. See requirements, academic qualifications, Npower recruitment application registration form procedures via...

CDFIPB List Of Successful Candidates 2019 Latest News Today (NSCDC)

CDFIPB List Of Successful Candidates 2019 Latest News Today (NSCDC) : The Civil Defence, Fire, Immigration and Prisons Service Board (CDFIPB) is hereby informing...