COVID-19: How to access CBN’s N150b loan

COVID-19: How small businesses can get a CBN loan N150b – Small and medium-sized enterprises (SMEs) affected by Covid-19 can apply to the Central Bank of Nigeria for a loan to restart their business, the Federal Government said – see here !

The government said CBN had allocated NN 150 billion to help SMEs and pharmaceutical companies relaunch their business following the negative economic impact of Covid-19.

Boss Mustapha, chairman of the presidential working group COVID-19, announced this at a brief meeting of the special working group on Thursday.

Mustapha, who is also the Secretary of the Federal Government, stated that SME owners can get a loan of N25 million from N25 million through CBN to boost their business.

He said the fund is aimed at business owners who can prove that their business has been affected by Covid-19.

SGF stated that the conditions for access to the funds were published on the CBN website.

Mustapha said: “Eligibility criteria are available on the website of the Central Bank of Nigeria (CBN). As I said, there are two packages – the first N100 billion is for the largest hospitals and pharmaceutical companies.

“The point is that after Covid-19 or even Covid-19 processes, we will be able to build our health infrastructure.

That is why this money is going to our main manufacturing companies so that they can start exploring drug production opportunities that would be enough to address Covid-19 and other health issues.

“The second component, the N50 billion, is for SMEs. Even in the context of those SMEs, there is a package designed for the household, and in the household they have a mini, they have a micro and they have a micro plus.

“The amount you use under the mini-scheme is N500,000 for households that can show that their business has been affected by kobidas-19. For a trace element, it ranges from N500,000 to N1.5 million.

Part of the eligibility is justification or proof that your business has been affected by Covid-19.

“And micro plus is between N1.5 and N3 million. However, according to SMEs, you can reach a maximum of N25 million. It is entirely designed to address the lower levels of our businesses and the businesses they can use, and the conditions are not many and they are not difficult.

“I saw that the mini is a valid identity document, a guarantor and several other conditions, because the point is that we work in very difficult times and when you start to raise very difficult conditions, the essence of the package will be defeated.

“The essence of the package is to give a lifeline to our people who have been adversely affected by Covid -19.

I advise you to go to the website of the Central Bank of Nigeria or visit any NIRSAL microfinance bank, as it is coordinated by NIRSAL Microfinance Bank, which is also a CBN agency, you will be able to get all the information you need to use your loan facilities. ”

Director General of the Nigerian Center for Disease Control dr. Chikwe Ihekweazu said SMEs remain the hardest hit by Covid -19.

DG NCDC argued that SME owners needed to be supported in order to avoid job losses.

He said: “Covid -19 has definitely made a huge impact on our economy. That impact on our economy unintentionally affects health as well, because if people are not going to work, they cannot earn a living, they cannot meet all their health needs.

“So there is a very strong link between the economy and health. By allowing certain parts of the economy to regenerate, we are also trying to reap the health benefits. You all know that many aspects of the economy have been hit very hard and people are working in these places.

“No aspect of the economy has been affected more than SMEs, because this is where most Nigerians work, and we need to help them survive, because if they don’t survive, people will lose their jobs, if people lose their jobs.” don’t pay attention to their health, our work becomes much harder ”. .

He said the Covid-19 working group had published guidelines on the PTF website on how employers could run their business safely.

“We have recently published new guidelines for Nigerian companies and employers. These guidelines provide companies with specific recommendations on how to exist safely in their sector. “We’ve found in detail that we provide useful advice for almost every business on how to start over safely,” he added.