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APPLY: CBN reopens N50bn COVID loan portal for households, businesses

The Central Bank of Nigeria (CBN)  is receiving applications for its N50 billion targeted credit facility (TCF) aimed at supporting households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic.

The stimulus package, set up by the apex bank in March 2020, is disbursed through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank.

Announcing the portal reopening in a tweet on Monday, NIRSAL Microfinance Bank (NMFB) said applicants must be households and MSMEs with verifiable evidence of livelihood adversely impacted by the coronavirus pandemic.

Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic are also eligible to apply.

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The interest rate on the facility will be nine percent per annum, working capital will be for a maximum period of one year, with no option for rollover.

The working capital to be offered to eligible businesses has been fixed at a maximum of 25 percent of the average of the previous three years’ annual turnover.

However, if the enterprise is not up to three years in operation, 25 percent of the previous year’s turnover will be offered.

Term loans have a maximum tenor of not more than 3 years with, at least, one-year moratorium.

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Households can access a maximum loan of N3 million while the loan amount to SMEs shall be determined based on the cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million.

Interested applicants can access the loan application portal via this link.

356 comments
          1. Greetings friend!
            Please share with me if you’ve gotten the link to apply for the covid loan. Thanks

          1. I need a bank facility to develop an industrial palm kernel oilill office tonnes per eight hour per day capacity. Since this is a product development process, I will need a moratorium of at least 15onths before payback can come.ve Can I be accommodated in this program?

          1. Pls help me with the link,my WhatsApp no is 08109728569, or message me on 08038022777. Thanks

  1. This is a nice move by the gov,but d site is bad I have started d application but cannot finish nd submit pls wat could be d problem?

    1. With much effusive and the gratitude, I will like to forward my humble request about my accepted loan offer of household, the details are as follows:
      Name: Anas Salisu
      Bank Name: Anas Salisu
      Accnt No: 3069347617
      Accepted Money: N300,000
      Furthermore, my account was small before, that is why the money did not land in it, and now I upgrade it.
      Please sir with due respect, I want you to resend the money back. Thanks

  2. Thank you i have applied but i just hope i get what i want so i can start my Uber business or order some goods from china to start selling

  3. Thank you I have applied waiting for positive result believe it will add value to myself and investing in fish farming.

  4. Every thing seem falling into order until I slot in my bvn number .then_ they say-somthing about non performing loan that I cannot proceed… But then am not with any outstanding loan presently… Can any clarify the issue for me?

    1. I dont know what happen for the past three hours I hav bin applyin but to.no avail, are you choosing the people to giv the loan. I aply lst yr till date it always says has not bin aprooved, and now also they dont want to giv. Who are you helpin

    1. Good day everyone please can someone help me out with the link please so I can apply for loan if can’t talk here you can call me and let’s talk about it thanks you

      Contact number
      08139708741

  5. please how do I register in the Covid19 portal so as to receive loan also what are the things required to register.

  6. Please I have being trying to download the form and it not responding. Pls this is my details.. Erumiseli Jeffrey Izuagbe, account number: 0031152945 access bank plc. 400000 naira loan is what I need to boost my business thanks.08052740078

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