How to Get up to N25 Million in the CBN Targeted Loan for Covid-19

How to Get up to N25 Million in the CBN Targeted Loan for Covid-19

Due to the impact of the Covid-19 pandemic, the Central Bank of Nigeria has introduced stimulus packages. These packages are to help households, Micro, Small, and Medium Enterprises to cushion the harsh economic implication of the pandemic. 


The N50 Billion Targeted Credit Facility (TCF) is a stimulus package by CBN. This is to relieve Nigerians of the adverse impact of the pandemic. The Covid-19 has caused unprecedented economic losses to both Nigeria and the world economy at large. There has been a drastic drop in oil prices, the major export commodity of the country.

Major lockdown on movement across the country has grounded the transport sector. This has led to the closure of most businesses and crippling the economy. 

ELIGIBILITY

There are three categories of  people eligible to access the loan.

Households

This is for households that are adversely affected by the Covid-19 pandemic. They must have a verifiable source of income and evidence of the negative impact of the Covid-19 on them. The maximum amount to be loaned under this category is N3 million. The loan is due in 36 months

Micro-enterprises

This is for already existing business ventures adversely affected by the pandemic. The business must be credit-worthy. The maximum amount that can be loaned under this category is N25 million. There are three ranges of loans under this category. Mini SME: 3 – 10m, SME: 10 – 15m and SME Plus: 15 – 25m.

SMEs

This is for businesses with bankable plans. They must be credit-worthy and have sufficient cash flow to meet the requirement. The maximum amount accessible under this category is N25 million.

REQUIRED DOCUMENTS

  • Loan application letter
  • Duly completed application form
  • Guarantor form
  • A valid means of ID (national ID, driver’s license, voter’s card or international passport)
  • Current utility bill (Applicant & Guarantor)
  • 2 recent passport-size photographs
  • BVN

PROCEDURE

Just visit the NIRSAL Microfinance Bank (NMFB)  website with your smartphone or preferably, laptop. You can use the links in the website above to apply directly.

Your application will be sent to the CBN. Once they approve your loan application, it will be disbursed through NMFB.

What you Should Know

  • The interest rate of the loan is 5% per annum till 28th February 2021. From the 1st of March 2021, the interest will become 9% per annum.
  • Working capital will be for one year, and there is no rollover. The maximum tenor of the loan is 3 years.
  • Households can access up to N3 million. SMEs can access up to N25 million depending on their activity and cashflow
  • For further information, send a mail to covid19@nmfb.com.ng

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