NMFB Covid-19 Loan: Are you a business man or woman in Nigeria that the Covid19 pandemic has affected your business? if yes then we have good news for you on how you can apply for a loan and raise your business, 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.
NIRSAL Covid-19 Loan Application
The Coronavirus Disease (COVID-19) pandemic has resulted in unprecedented instability of global supply chains, a dramatic drop in global crude oil prices, chaos on global stocks and financial markets, significant cancelation of sporting and entertainment events, lock-out of large swaths of people in many countries and intercontinental travel bans/restrictions across vital air routes across the west
These results had severe consequences for the livelihoods and business activities of households, resulting from a fall in global demand, a decline in consumer confidence and a slowdown in production. In this regard, the N50 billion Targeted Credit Facility (TCF) was introduced by the Central Bank of Nigeria ( CBN) as a stimulus package to support households and micro, small and medium enterprises ( MSMEs) affected by the COVID-19 pandemic.
NIRSAL Microfinance Bank Covid-19 Loan Application Form
Nigeria’s Nirsal-Central Bank, CBN COVID-19 Loan application platform is now underway. Here’s an update to help you navigate the NMFB portal on the CBN COVID-19 Loan application. Nigeria’s central bank instituted the N50 billion COVID-19 TCF for households and small and medium-sized enterprises to mitigate the harsh economic impact of the coronavirus pandemic currently in the country. The website does go off and on, however, due to the massive traffic to the application portal. The site has gone off at the moment, as it has hit its resource cap.
CBN COVID-19 Loan Requirements.
Below are the requirements for the CBN COVID 19 Loan application for SMEs
- Registered business with CAC
- Evidence of tax payments
- BVN
- Letter of Introduction
- Passport photo of you and guarantor
- Valid ID card
Who Is Eligible for NIRSAL Covid-19 Loan?
Households with verifiable living standards adversely affected by COVID-19 Micro-enterprises: existing companies with verifiable evidence of the adverse effects of the COVID-19 pandemic on their business activities
SMEs: companies with bankable plans to leverage the opportunities generated by the COVID-19 pandemic
What is the interest rate?
The interest rate under the intervention is 5% p.a. (all-inclusive) up to 28th February 2024 and thereafter, the interest in the facility will revert to 9% p.a. (all-inclusive) as from 1st March 2024.
How long is the loan for?
Working capital will be for a maximum period of one year, with no option for rollover. Term loans have a maximum tenor of not more than 3 years with, at least, one-year moratorium.
How much can I access?
Households: Can access a maximum of N3 million
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.
Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover. (where the enterprise is not up to 3 years in operation, 25% of the previous year’s turnover will suffice).
How To Apply for NIRSAL Covid-19 Loan
Click this link to apply for the CBN Loan is https://nmfb.com.ng/covid-19-support
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