CBN/NIRSAL MFB Loan Application Portal Reopens, How to Apply For CBN Covid19 Loan - StayGisted

CBN/NIRSAL MFB Loan Application Portal Reopens, How to Apply For CBN Covid19 Loan

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The Central Bank of Nigeria (CBN) reopens the NIRSAL COVID-19 loan application portal for MSMEs and individual households. CBN had introduced a stimulus package to aid households and Micro, Small and Medium Enterprises (MSMEs) suffering from the COVID-19 pandemic. Interested and eligible candidates are invited to join up for the loan.

BACKGROUND

The results of COVID-19 pandemic experienced severe consequences on households' livelihoods and business activities, caused by drop in global demand, declined consumer confidence and slowdown in production.

 

In this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to aid households and Micro, Small and Medium Enterprises (MSMEs) suffering from the COVID-19 pandemic.

CBN/NIRSAL COVID-19 Loan Application | Who Is Eligible?

  • Households: Households with verifiable proof livelihood adversely impacted by COVID-19
  • Microenterprises: Existing enterprises with verifiable proof business activities adversely affected consequently of the COVID-19 pandemic
  • SMEs: Enterprises with bankable plans to make the most of opportunities arising from the COVID-19 pandemic.

CBN COVID-19 Loan Application Procedures

The CBN/NIRSAL COVID-19 Loan Application can be carried out in these three steps;

STEP 1Submit an Application

  • You need to use your phone, tablet or laptop for the application.
  • Visit NIRSAL COVID-19 loan portal via https://nmfb.com.ng/covid-19-support/ and submit applications right to NIRSAL Microfinance Bank (NMFB) with clear proof the ability or adverse impact consequently of COVID-19 pandemic.

STEP 2: Approval

  • NIRSAL MFB reviews your application and forward the application to the CBN for final approval.

STEP 3: Disbursement

  • CBN reviews applications and gives final approval for disbursement to NMFB

Further Notes:

  • Interest Rates: Interest rate beneath the intervention is 5% p.a. before 1st March 2021 and 9% p.a. after (all inclusive)
  • Load Duration: Working capital will undoubtedly be for a maximum amount of twelve months, without selection for rollover.
  • Loan Amount: Households can access as much as N3 million while SMEs can access no more than N25 million at the mercy of numerous factors.

Application Deadline: Not Specified

Look at the Official NIRSAL Application Portal for Further Details .
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