The Central bank of Nigeria has reopened the portal for the second batch of COVID-19 Loan application. Application can access up to N25 million COVID-19 loan from the Federal Government of Nigeria. Here we will discuss how to apply for COVID-19 second batch loan and the requirements.
Covid19 loan is a stimulus package to support households and Micro, Small, and Medium Enterprises (MSMEs) in Nigeria that are adversely impacted by the COVID-19 pandemic. Before we proceed you can check out list of federal government free-interest loans.
kindly note that this second Batch of COVID-19 loan application is meant for the Household, Micro-enterprises, and Nigeria youths that did not apply with the first batch for one reason or the other.
All those who applied for the Nigeria Youth Investment Fund (NYIF) loan, should check out this NYIF News.
The COVID-19 pandemic has caused unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, cancellation of sporting and entertainment event, lockdowns in many countries, and intercontinental travel restrictions across the world.
The results have had severe consequences on households’ livelihoods and business activities, resulting from the drop in global demand, declined consumer confidence, and the slowdown in production of goods.
So, for this reason, the Central Bank of Nigeria created the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small, and Medium Enterprises (MSMEs) affected by the pandemic.
Eligiblity for Covid19 2nd Batch loan
Households: Households with verifiable evidence of livelihood adversely impacted by COVID19 should visit
Microenterprises: Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID19 pandemic
SMEs: Enterprises with bankable plans to take advantage of opportunities arising from the COVID19 pandemic
How to Apply for COVID19 Second Batch loan
To apply, visit the official website of the NIRSAL Microfinance Bank for Covid-19 Loan to submit your applications directly to NMFB with clear evidence of the opportunity or adverse impact as a result of the pandemic.
The NMFB will review your application and forward same to CBN for final approval.
After a review by CBN, if your application is successfully approved, CBN will grant NMFB permission to disburse the loan into your bank account.