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
Recently CBN waived the requirement for the provision of guarantors by Households and SMEs applying for its N50bn COVID-19 Targeted Credit Facility,this means you can actually apply for the loan with no collateral or guarantor.
Objective of the COVID-19 Loan 2021
The broad objectives of the CBN’s N50 billion Targeted Credit Facility include:
- Cushion the adverse effects of COVID-19 on households and MSMEs;
- Support households and MSMEs whose economic activities have been significantly disrupted by the COVID-19 pandemic.
- Stimulate credit to MSMEs to expand their productive capacity through equipment upgrade, and research and development.
WHO IS ELIGIBLE FOR THE LOAN?
Those who are eleigible for CBN Covid-19 loan are:
- Househoods with verifiable evidence of livelihood adversely impacted by Covid-19
- Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic.
- Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic
How to Apply for CBN COVID-19 Loan
- HOUSEHOLD APPLICATION – CLICK HERE
- SME APPLICATION – CLICK HERE
- MICRO ENTERPRISE APPLICATION – CLICK HERE
Have you Applied ?
All successful applicants under the CBN COVID-19 Targeted Credit Facility whose accounts have not been credited should go to https://nmfb.com.ng/covid-19-support/ and input their account details in any bank of their choice.
However not everybody gets the successful message. Newly applicants should check back on the http://nmfb.com.ng portal to see when their loan is approved
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