How to Apply for CBN N50bn COVID-19 Support Loan

by Demi
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Looking for how to Apply for the CBN N50bn COVID-19 Support Loan for Households and Businesses?

As part of the steps taken to mitigate the effect of COVID-19 pandemic on businesses in Nigeria which included the lockdown and shutting down of some businesses tagged as non-essential, the Federal Government of Nigeria through the Central Bank of Nigeria (CBN) have introduced COVID-19 support loans for Households, SME and MSME.

The COVID-19 Support fund will be disbursed 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 where P. A. means Per Annum, follow the steps below for detailed guidelines on how to apply;

READ – APPLY FOR BOI LOAN HERE

How to Register and Apply for CBN N50bn COVID-19 Support Loan for Households and Businesses?

ELIGIBILITY FOR COVID LOAN for Households and Businesses

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

Requirement:

  • An application letter stating that it’s meant for the loan
  • A completed application form
  • An executed Guarantor form
  • A valid means of identification (national ID, driver’s license, voter’s card or international passport)
  • A current utility bill
  • 2 recent passport-size photographs
  • Bank Verification Number

MSMEs/CORPORATE ENTERPRISES:

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

(2) SME Plus (funding between N10.1m and N25m) Existing businesses must tender verifiable evidence of business activities 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:

  • A loan application letter
  • A completed application form
  • An executed Guarantor form
  • A valid means of ID (National ID, Driver’s License, Voter’s Card or International passport)
  • A current utility bill
  • 2 recent passport-size photographs
  • Bank Verification Number

How To Download A NIRSAL LOAN Business Plan Template PDF (with financial analysis)

If you need the complete business plan for NIRSAL LOAN 2020, follow the procedures to download it.

Pay the sum of N5000 (Five thousand naira only) to the account detail below:
Bank: GTBank
Name: Oyewole Abidemi (I am putting my name and not our company account so you know we are real people and you can trust us)
Ac/No: 0238933625
Type: Saving

Thereafter, send us your email address through text message OR WHATSAPP to +234 701 754 2853The text must contain the title of the NIRSAL business plan you want and also your email address. Immediately after the confirmation of your payment, we will send the NIRSAL business plan in Nigeria to your email address where you can easily download it.

 

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