GUIDELINES FOR THE IMPLEMENTATION OF THE N50 BILLION TARGETED CREDIT FACILITY

As part of the measure to reduce the impact of COVID-19 pandemic on businesses in Nigeria, the Federal government of Nigeria through the Central Bank of Nigeria (CBN) has introduced COVID-19 support loans for Households, SME and MSME.

The COVID-19 Support fund will be distributed by NIRSAL Microfinance Bank and come with an Interest rate under the intervention is 5% P.A.   (All-inclusive) up to 28th February 2021 and thereafter, the interest will revert to 9% P.A.   (All-inclusive) as from 1st March 2021, follow the steps below for detailed guidelines on how to apply;

ELIGIBILITY

HOUSEHOLDS: For a household to benefit, they must provide verifiable evidence of livelihood adversely impacted by COVID-19 and agreed to allow NIRSAL Microfinance Bank (NMFB) to assess their financial records. Households Can access a maximum of N3 million

Requirements:

· Loan application letter

· Duly completed application form

· Duly executed Guarantor form

· A valid means of ID (national ID, driver’s license, voter’s card or international passport)

· Current utility bill

· 2 recent passport-size photographs

· BVN

MSMEs/CORPORATE ENTERPRISES:

(1) Mini SME (funding between N3m – N10m)

(2) SME Plus (funding between N10.1m and N25m)

Existing enterprises must provide verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic and also agreed to allow NIRSAL Microfinance Bank (NMFB) to assess their financial records.

The Bank will assess the capacity of the customer through the customer’s business history; via total account statement turnover (with NMFB and other banks), however, this would not be the only tool used to determine customer’s eligibility. (Note: Where a review of the customer’s account statement raises fundamental issues, the bank reserves the right to make decisions as considered appropriate).

Requirement:

· Loan application letter

· Duly completed application form

· Duly executed Guarantor form

· A valid means of ID (National ID, Driver’s License, Voter’s Card or International passport)

· Current utility bill

· 2 recent passport-size photographs

· BVN

Loan amount to SMEs shall be determined based on the activity, cashflow and industry/segment size of the beneficiary, subject to a maximum of N25 million.

FOR MINI-SME & SME PLUS BUSINESS PLAN IS REQUIRED

ENSURE YOU STATE AND DESCRIBE HOW COVID-19 NEGATIVELY IMPACTED YOUR HOUSEHOLD OR BUSINESS

ONLINE APPLICATION PROCESS

* Click COVID-19 Household Loan to commence registration with NIRSAL Microfinance Bank

* Click COVID-19 Mini-SME Loan to commence registration with NIRSAL Microfinance Bank

* Click COVID-19 SME Plus Loan to commence registration with NIRSAL Microfinance Bank

NOTE: Your application must show clear evidence of the opportunity or adverse impact as a result of the COVID-19 pandemic.

OPPORTUNITY: CcHUB Call for Projects – Funding and Design Support for COVID-19 Projects

DOWNLOADS

* COVID-19 LOAN APPLICATION GUIDELINE FOR HOUSEHOLD

* COVID-19 LOAN APPLICATION GUIDELINE FOR MINI SME

* COVID-19 LOAN APPLICATION GUIDELINE FOR SME PLUS

* GUARANTORS FORM