Under this program, the apex bank will give loans of up to ₦25 million to small businesses that have seen their activities impacted by the present disruptions. It also targets companies that have a viable plan to take advantage of the opportunities that have arisen with the current situation.
Households with a means of livelihood that have been adversely affected by the pandemic are also eligible to access this fund. They may get loans of up to ₦3 million from the bank.
This stimulus package is administered through the NIRSAL Microfinance Bank (NMB), a non-bank financial institution owned by the CBN.
Eligibility
For Businesses
Small businesses and larger companies are eligible for the loan if:
- They have financial records and accounts statements
- They can justify their request for credit by their sales proceeds and cash flow records
- They can show how the disruption caused by the pandemic has adversely affected their business
- They are willing to allow NIRSAL’s credit unit to assess their financial records
For Households
Households are eligible if:
- They can show evidence of the adverse impact of the pandemic on them
- They are willing to allow NIRSAL to assess their financial records
Documents Required
Businesses and households are expected to apply with the following:
- A loan application letter
- Completed application form
- Guarantor form
- Valid means of identification (National ID, voters’ card, driver’s license, or international passport)
- Current utility bill (from the applicant and guarantor)
- Two recent passport-sized photographs
- Bank Verification Number (BVN)
How the Process Unfolds
1. Application
Submit your application to the NIRSAL microfinance bank via their website. Include details of the adverse impact or opportunity that has prompted you to make the request.
2. Review and Approval
Your application will be reviewed by NIRSAL and forwarded to the CBN for approval.
3. Disbursement
If the CBN determines that the request meets its criteria, it will approve the disbursement of the loan to you via NIRSAL.
Terms of Repayment
A 5% annual interest rate applies on loans disbursed to businesses and households, up until 28 February 2021. Thereafter, the interest rate will be fixed at 9% per annum.
The tenure for working capital loans under this scheme is one year. Term loans have a maximum tenure of three years, with a one-year moratorium at the least.
If you would like to apply for the CBN’s Targeted Credit facility, click here.
I’m a small scale business woman, a married woman and mother of 3 kids. I’m in need of the loan is to help my business bounce back.
Greeting Madam, Go to CBN website visit ‘How to Access CBN ₦50 Billion Palliative Credit Facility for Businesses During COVID-19 by CBN’ to read through all terms and conditions are there for any applicant interested to follow
good day
pls whats the site address to apply i have read the terms and condition. how do i apply
thank you
Visit CBN website and u will see how to access CBN N50bn palliative credit facility for business during Covid19 by CBN.
U must be patent to read all or copy to document for read and safe for later rereads all over for proper understanding.
Thanks
How do I get the application form,and do I fill it and where to submit it
Visit to NIRSAL Microfinance Bank branch nearer to you and ask them for the N50 billion CBN Covid-19 intervention fund for SMEs form or how u can access the process further
Thank you
How do i get the application form and address to submit it
if you have application form filled then go to the nearest NIRSAL Microfinance Bank branch and submit your documents.
Thanks
I have filled the CBN covid 19 intervention fund from, how do I submit the passport and ID card?
Great! Since you have filled the form. Submission should goes to any NIRSAL office nearer to you.
I applied for the loan about two ago. Is there anyway I can check the status of my application? Because, some people I applied same time with has been credited, and I’m yet to receive any message from NIRSAl
Greetings Nath, Online is instant response, therefore, you have right to request to know what happened to your own process without due delay through the same channel you filled the form and submission.
I applied for the loan about two months ago. Is there anyway I can check the status of my application? Because, some people I applied same time with has been credited, and I’m yet to receive any message from NIRSAl
Greetings Nath, Online is instant response, therefore, you have right to request to know what happened to your own process without due delay through the same channel you filled the form and submission.
Good morning sir,
Pls, how can i get Nirsal (NMFB) office address and telephone numbers in Lagos for complaint.
Thank you.
Segun Abioye
Greetings Segun, pse visit and Check NIRSAL Branch at General post office Lagos Island by Tinubu Street Lagos not by Marina road.