CBN COVID-19 Support Loan 2020 for Households & Businesses: How to Apply for CBN N50bn COVID-19 Support Loan for Households and Businesses. As part of the measure to reduce the impact of COVID-19 pandemic on businesses in Nigeria, the Federal government of Nigeria through the Central Bank of Nigeria (CBN) have introduced COVID-19 support loans for Households, SME and MSME.
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;
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CBN COVID-19 Support Loan Eligiblity.
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
Requirements:
- 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:
- Mini SME (funding between N3m – N10m)
- 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 their financial 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).
Requirements:
- 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, cash flow, 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.
How to Apply CBN N50bn COVID-19 Support Loan 2020.
This online application process consists of the COVID-19 Household Loan with NIRSAL Microfinance Bank, COVID-19 Mini-SME Loan with NIRSAL Microfinance Bank, and COVID-19 SME Plus Loan with NIRSAL Microfinance Bank.
Interested applicants should apply online via the NIRSAL Portal – https://nmfb.com.ng/covid-19-support/
NOTE: Your application must show clear evidence of the opportunity or adverse impact as a result of the COVID-19 pandemic.
