CBN reopens application for COVID-19 stimulus package for households, businesses

According to NIRSAL, “no fewer than 3,256 of 80,000 individuals and small businesses that applied for the credit facility benefited as of April 2020.”

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) announced this on Monday through a tweet

The TCF is a stimulus package by CBN. This to support households and Micro, Small and Medium Enterprises (MSMEs) to cushion the effects of the COVID-19 pandemic. The loan will be disbursed through NIRSAL.

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Term loans have a maximum tenor of not more than three years with, at least, one-year moratorium.

The interest rate on the facility will be nine per cent per annum, and the working capital will be for a maximum period of one year, with no option for rollover.

Households can access a maximum of N3 million, SMEs can access a maximum of N25 million depending on the activity, cash flow and industry/segment size of the beneficiary.

COVID-19 TARGETED CREDIT FACILITY APPLICATION REOPENED FOR FRESH APPLICATIONS.
TO APPLY, KINDLY USE THE LINK BELOWhttps://t.co/IrtBAfafY3 pic.twitter.com/iV2UUfb0JR

— Nirsal Microfinance Bank (@NirsalMFB) March 8, 2021