by The Central Bank of Nigeria (CBN) is currently receiving applications for the CBN Covid-19 Loan. The N50 billion CBN Covid-19 Loan is a targeted credit facility (TCF) aimed at supporting households and micro, small and medium enterprises (MSMEs) impacted by the COVID-19 pandemic in Nigeria.
The incentive package, set up by the pinnacle bank in Nigeria in March 2020, is expended through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank.
Broadcasting the portal reopening in a tweet, NIRSAL Microfinance Bank (NMFB) said that applicants must be households and MSMEs with verifiable evidence of livelihood adversely affected by the coronavirus pandemic.
Enterprises with bankable techniques to take advantage of opportunities arising from the COVID-19 pandemic are also qualified to apply for the loan.
The interest rate on the facility will be 9% per annum, and working capital will be for a maximum period of one year, with no opportunity for rollover.
The working capital to be delivered to qualified businesses has been fixed at a maximum of 25% of the average of the previous three years’ annual turnover. Nevertheless, if the enterprise is not up to three years in function, 25% of the previous year’s turnover will be presented.
The term loans have a maximum tenor not exceeding 3 years with, at least, a one-year moratorium.
Households can access a maximum loan of N3 million whereas the loan amount to SMEs shall be decided based on the cash flow and industry/segment size of the beneficiary, subject to a maximum of N25 million.
Related: CBN 75 Billion Youth Empowerment Fund – A Federal Government Grant
CBN N50bn Covid-19 Loan Portal Login
To log in to the Loan portal, simply follow the steps below:
- Enter www.nmfb.com.ng/covid-19-loan/ in your browser.
- You will be referred to the NIRSAL Microfinance Bank Website where you can enter your particulars to log in or sign up.
NIRSAL Login portal procedures are very easy. Provided that you have the particulars you used to sign up on the portal, then logging in to the NIRSAL CBN loan application portal should not be difficult for you.
The NIRSAL Portal was opened to help Nigerians benefit from the targeted credit facility (tcf) covid19 household loan provided by the Federal Government in partnership with the Central Bank of Nigeria (CBN).
All the interested applicants for the loan can access the loan application portal by clicking this link.
