Covid 19 Loan Support By CBN 2021 Application Guide At NMFB Portal
Application for Covid 19 Loan Support by CBN has started again for eligible households, micro, small and medium enterprises (MSMEs) which can have access to as high as 25 million Naira cash loan out of the targeted 50 billion Naira Credit Facility (TCF) funded by the Central Bank of Nigeria (CBN).
On this page, I am going to teach you how to access the Covid 19 Loan Support through the NMFB portal, and also know the interest rate expected from the beneficiaries.
Without much story let’s start with how to access the Covid 19 Loan Support by CBN, but before then it is worthy to mention that there are different categories for the CBN loan application and applicants must possess the stated requirements before proceeding to apply, the categories are as follows:
Categories For The Covid-19 Loan Support
This category is for households with verifiable evidence of livelihood adversely affected as a result of the COVID-19 pandemic.
This category is for existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19.
Small And Medium Enterprises (SMEs)
This category is for enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.
Covid 19 Loan Support Application Guidelines
- To apply, proceed to NMFB Covid-19 portal nmfb.com.ng
- Follow the ‘Apply Now’ button under the category you are eligible for.
- Tick the ‘New’ option and follow the ‘NEXT’ button to proceed.
- Press the ‘Continue’ button on the pop-up window.
- Provide the requested information.
- Use the ‘NEXT’ button to provide more details.
- Submit your application.
- Wait for loan approval.
- Upon successful approval, the loan will be disbursed by CBN to Nirsal Microfinance Bank (NMFB).
What Is The Interest Rate?
The interest rate shall be 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.
How Long Is The Loan For?
Working capital will be for a maximum period of one year, with no option for rollover while Term loans have a maximum tenor of not more than 3 years with, at least, a one-year moratorium.
How Much Can I Access?
This category can access a maximum of three (3) million Naira.
Shall be determined by the activity, cash flow, and industry/segment size of the beneficiary, subject to a maximum of N25 million.
Note: Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover but if the enterprise operational period is not up to 3 years, 25% of the previous year’s turnover will suffice).