How to Apply for CBN Covid- 19 Loan

The federal government of Nigeria has made loans for small and medium scale businesses accessible to anyone who needs it. Unlike before heavy collateral are required before any step to approving a loan can be an issue, today it is just a tip of your fingers away and you have your loan fully approved by the Central Bank of Nigeria.

We do be discussing a very vital issue concerning the growth of Small and medium scale businesses, which however has to do with financing this business through loans.

As we know, Private financial institutions can only do little to help when it comes to loaning out money for small businesses, they rather give this huge money to well-established businesses for the interest they will get in return. But one sure plug is the FGN through the CBN. The essential question is how do ordinary men with a growing business be able to access this loan as easy as possible.

How to Apply for CBN Covid – 19 Loan

The pandemic may have subsided but it is not over yet. The central bank of Nigeria has not relented in carrying out their promise to Nigeria household on the Covid -19 Loan.

They have reopened the portal for the covid -19 Loan to be accessible to the public ones again. Let’s not forget the on the outbreak of the pandemic the Central Bank of Nigeria targetted a 5o Billion naira credit facility to assist households during the pandemic. Luckily the portal is open again and CBN is now receiving applications for the covid loan to support micro, small and medium-sized business that were affected by the pandemic.

It is worth noting that this package was set up in March 2020 by the Apex bank and is disbursed through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank.

An Announcement to reopen the portal was made on Monday the 5th of July, 2021 in a tweet by, NIRSAL Microfinance Bank (NMFB) said applicants must be households and MSMEs with verifiable evidence of livelihood adversely impacted by the coronavirus pandemic.

Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic are also eligible to apply.

Loan Terms

A maximum tenor of not more than 3 years with, at least, a one-year moratorium.
Households can access a maximum loan of N3 million
The loan amount to SMEs shall be determined based on the cash flow and industry/segment size of the beneficiary, subject to a maximum of N25 million.
Applicant must be a Nigeria

Interested applicants can access the loan application portal via this link.