CBN Covid-19 Loan Application: On this post, we will be discussing How you can Apply for CBN N50bn COVID-19 Support Loan for Households and Businesses. The federal government via Central Bank of Nigeria (CBN) has introduced COVID-19 support loans for Households, SME and MSME as part of the measure to drastically diminish the effect of COVID-19 pandemic on businesses in Nigeria.
Accordong to the initiative, NIRSAL Microfinance Bank will distribute the COVID-19 Support fund and they will come with an Interest rate under the intervention is 5% P.A. (all-inclusive) up to 28th February 2021. However the interest will revert to 9% P.A. (all-inclusive) as from 1st March 2021. We will be discussing the steps and detailed guidelines on how to apply for the CBN COVID-19 Loan.
ELIGIBILITY For the CBN Covid-19 Loan Application.
HOUSEHOLDS: For household who are interested and wants to be a beneficiary of this loan, they must provide verifiable evidence of livelihood which has been adversely impacted by the COVID-19 and they will also agreed to allow NIRSAL Microfinance Bank (NMFB) to assess their financial records. Based on the initiative, Households are allowed to access a maximum of N3 million
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Requirement: For the CBN Covid-19 Loan Application.
· 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:
(1) Mini SME (funding between N3m – N10m)
(2) SME Plus (funding between N10.1m and N25m)
For Existing enterprises, they are to provide a verifiable evidence of business activities which has been adversely affected as a result of the COVID-19 pandemic and they will also agree to allow NIRSAL Microfinance Bank (NMFB) to assess their financial records.
NIRSAL Microfinance Bank will assess the capacity of the applicant via the applicant’s business history; through a total account statement turnover (with NMFB and other banks), however, this would not be the only criteria that will be used to determine applicant’s eligibility. (Note: It should be noted should in case a customer’s account statement raises fundamental issues, the bank reserves the right to make decisions as considered appropriate).
Requirement: For CBN Covid-19 Loan Application
· 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
The Loan amount that will be giving to SMEs shall be determined based on the activity, cashflow 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
ONLINE APPLICATION PROCESS
* Click COVID-19 Household Loan to commence registration with NIRSAL Microfinance Bank
* Click COVID-19 Mini-SME Loan to commence registration with NIRSAL Microfinance Bank
* Click COVID-19 SME Plus Loan to commence registration with NIRSAL Microfinance Bank
NOTE: Please note that Your application must show clear evidence of the opportunity or adverse effect of the COVID-19 pandemic on your business.
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