The CBN COVID-19 loan is an aid for Covid19-impacted businesses.
According to a circular from the Director, Financial Policy and Regulation of CBN, a 50 billion naira targeted credit facility is available for MSMEs and households.
Covid19 caused unprecedented disruptions in global supply chains, a sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellations of sporting and entertainment events, lockdowns of large swaths of people in many countries, and intercontinental travel bans/restrictions all over critical air routes around the globe.
As a result of the drop in global demand, decreased consumer confidence, and production slowdown, these developments have had significant implications for people’s livelihoods and company activity.
CBN Covid-19 Loan 2022 Program
The Central Bank of Nigeria (CBN) established the N50 billion Targeted Credit Facility (TCF) as a stimulus package to aid households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic.
The online registration guide for the CBN Covid-19 Loan is here. The NIRSAL Microfinance Bank recently published online registration guidelines.
The registration form is now available online. There is no cost to filling out the online application form.
Moreover, applicants should not pay anyone for the CBN loan application. The NIRSAL Microfinance Bank will process and ensure that qualified applicants can obtain CBN COVID-19 loans.
How much loan is NIRSAL giving to a Household?
Households can get up to N3 million in loans, while SMEs can get up to N25 million in loans based on their cash flow and industry/segment size. Term loans have a maximum term of three years and must include at least a one-year moratorium.
Businesses with viable strategies to capitalize on opportunities created by the COVID-19 epidemic are also eligible to apply. The facility’s interest rate will be 9% per year, and working capital will be available for a maximum of one year with no option for rollover.
The amount of working capital available to qualified enterprises has been set at a maximum of 25% of their average annual turnover over the previous three years. If the company has not been in business for three years, it will be granted 25% of the preceding year’s turnover.
COVID Stimulus Loan Application
Check out more information on the loan from the NIRSAL Micro-Finance Bank Covid-19.