CBN COVID-19 Stimulus Portal For Households & Businesses Reopens: We are glad to inform you that the Central Bank of Nigeria’s Targeted Credit Facility portal has reopened for fresh applications.
The Nigeria Incentive-Based Risk Sharing Scheme for Agricultural Lending (NIRSAL) declared this on Monday via a tweet. The TCF is a stimulus package by CBN to help households and Micro, Small, and Medium Enterprises (MSMEs) to cushion the impact of the COVID-19 pandemic. NIRSAL will be in charge of disbursing the loan.
Following the first step, which was declared by the CBN in March 2020, this is the second tranche of the relief package. As of April 2020, NIRSAL announced that 3,256 out of 80,000 individuals and small businesses who applied for the credit facility had been approved.
The official registration portal for the CBN COVID-19 Loan can be found at https://nmfb.com.ng/covid-19-support/
The facility’s interest rate will be 9% per year, and the working capital will be available for a maximum of one year, with no provision for rollover.
The CBN, on the other hand, announced last week that interest in all related facilities would be discounted to 5% until 2022. Term loans have a maximum term of three years and must have at least a one-year moratorium.
Households can borrow up to N3 million, while SMEs can borrow up to N25 million, depending on their operation, cash flow, and industry/segment size.