CBN N50bn COVID-19 Support Loan - How to Apply Online

CBN N50bn COVID-19 Support Loan | The Central Bank of Nigeria (CBN)  introduces a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic

CBN N50bn COVID-19 Support Loan

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;

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

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

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 theirfinancial 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

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

Visit NIRSAL MICROFINANCE BANK website for additional details