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.
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
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
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
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.
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.