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.
COVID-19 TARGETED CREDIT FACILITY APPLICATION REOPENED FOR FRESH APPLICATIONS.
— Nirsal Microfinance Bank (@NirsalMFB) March 8, 2021
TO APPLY, KINDLY USE THE LINK BELOWhttps://t.co/IrtBAfafY3 pic.twitter.com/iV2UUfb0JR
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.
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.
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