Apply for CBN’s N50bn COVID-19 Loans

These 3 Categories Qualified to Apply for CBN’s N50bn COVID-19 Loans

– To mitigate the impact of the coronavirus outbreak on Nigeria and its businesses, the Nigerian government has implemented several social schemes

– One of them is the CBN target credit facility managed by NIRSAL Microfinance Bank

– voiceofnigeria.org.ng explains the three categories that correspond to this initiative and where to apply

However, some Nigerians are still in the dark about whether they will be eligible for these schemes.

This document focuses on the lending objectives of the Central Bank of Nigeria (CBN) and outlines the issues of categories of citizens who can apply for a loan, says the lending director of NIRSAL Microfinance Bank.

CBN Targeted Credit Facility (TCF)

As mentioned earlier, the Nigerian Supreme Bank launched TCF as an incentive package to mitigate the dangerous effects of the coronavirus (epidemic) in Nigeria all over the country (or across the continent).

The central bank has set aside NR 50 billion for the venture, which is administered and paid by NIRSAL Microfinance Bank.

The three eligible categories

1. Households

According to NIRSAL Microfinance Bank, Nigerian households that have verifiable evidence that the pandemic has adversely affected their livelihoods are are qualified to apply for the loans.

2. Microenterprises

Also, Nigerian enterprises are qualified for the TCF. The offer is, however, limited to those with verifiable evidence to show that their business activities have been adversely affected by the pandemic.

3. SMEs

Small and Medium Enterprises with bankable plans to take advantage of opportunities arising from the pandemic are also eligible for the stimulus package. According to NIRSAL Microfinance Bank, Nigerians can access up to N25 million in the stimulus package initiative.

Interested eligible applicants have visited the nmfbloans.nmfb.com.ng portal of National Microfinance Bank to register.