How To Apply For CBN COVID-19 Loan for Households & MSME

This is to inform the general public that the Central Bank of Nigeria (CBN) is giving out loan to households and businesses. In this article, we will show you how to apply for CBN COVID-19 loan for households and businesses in Nigeria.

Note: The CBN loan for households and businesses is totally free.

The loan is for households and Micro, Small and Medium Enterprises (MSMEs) in Nigeria. It is a part of stimulus package to support Nigerians, especially those whose economic activities have been significantly disrupted by the COVID-19 pandemic.

The outbreak of Coronavirus in Nigeria has led to unprecedented disruptions businesses both local and international level.

The lockdown and international flight ban implemented by the Federal Government have negative impact on households’ livelihoods and business activities.

There is drop in global demand, declined consumer confidence and slowdown in production.

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For this reason, the Central Bank of Nigeria (CBN) is giving out loans to assist businesses and households.

Eligibility for CBN Loan for COVID-19

  • Households with verifiable evidence of livelihood negatively impacted due to COVID-19 pandemic.
  • Existing enterprises (MSMEs) with verifiable evidence of business activities adversely affected as a by COVID-19.
  • Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.

Eligible activities under the CBN COVID-19 loan Scheme

  • Agricultural value chain activities
  • Hospitality (accommodation and food services)
  • Health (pharmaceuticals and medical supplies)
  • Airline service providers
  • Manufacturing/value addition
  • Trading
  • Any other income generating activities as may be prescribed by the CBN.

How To Apply for CBN COVID-19 Loan for Nigerians

Below is how to apply for CBN Covid19 loan for households and businesses in Nigeria;

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1. Visit NIRSAL Microfinance Bank (NMFB) portal at https://nmfb.com.ng/covid-19-support/.

2. Click the “Apply Now” button under the category you want to apply for.

3. Fill and Submit an application.

Note: You can also download NIRSAL guarantor’s form for CBN COVID-19 loan from the website.

4. After submitting your application, wait for NIRSAL Microfinance Bank reviews and approval.

5. CBN will again review your application and gives final approval for disbursement to NMFB.

Below are some importantquestions and answers you might find useful.

What is the CBN COVID-19 loan interest rate?

The Interest rate under the intervention is 5% p.a. (all inclusive) up to 28th February 2021 and thereafter, the interest on the facility will revert to 9% p.a. (all inclusive) as from 1st March 2021.

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How long is the CBN covid19 loan for?

Working capital will be for a maximum period of one year, with no option for rollover. Term loans have a maximum tenor of not more than 3 years with, at least, one-year moratorium.

How much can I access?

a.) Households: You can access a maximum of N3 million

b.) Businesses: The amount to access shall be determined based on the activity, cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million.

Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover. (where the enterprise is not up to 3 years in operation, 25% of the previous year’s turnover will suffice).

The Author

Humphery

Humphery is a seasoned internet entrepreneur and a life coach. He has been the Nyscinfo ambassador since 2017. He is knowledgeable enough to guide you. Keep following this website for updates, we love you!

3 Comments

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  1. very good can’I to Apply ?Thank you sir

  2. ABUBAKAR YAKUBU IBRAHIM

    Very good news

  3. Abduljalil bashir o.

    That good, I like to apply.

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