JUST IN: Businesses and Households Can Now Apply For CBN's N50bn Targeted Credit Facility

Deadline: Not Specified
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Central Bank of Nigeria (CBN), Governor Godwin Emefiele

Businesses and households impacted by COVID-19 can now apply for loans under the Central Bank of Nigeria's (CBN) N50 billion Targeted Credit Facility.

The stimulus package, it said, was designed to help households and Micro, Small and Medium Enterprises (MSMEs) impacted by the COVID-19 pandemic, with beneficiaries having access to up to N25 million.

The N50 billion Targeted Credit Facility (TCF) is now open for businesses and households impacted by COVID-19, and interested Nigerians can apply by clicking the button below.

The CBN went on to say that the COVID-19 pandemic had resulted in unprecedented disruptions to global supply chains, a dramatic drop in global crude oil prices, and instability in global stock and financial markets, among other things.

It claimed that as a result of the drop in global demand, decreased consumer trust, and production slowdown, these outcomes had had severe implications on households' livelihoods and business activities.

Eligibility:

  • To qualify for the N50 billion Targeted Credit Facility (TCF), all applicants should possess:
  • a valid means of identification such as a national ID, driver’s license, voter’s card or international passport, as well as a valid BVN.
  • MSMEs and households must agree to allow the NIRSAL Microfinance Bank (NMFB) Credit Unit assess their financial records and estimate the impact of COVID-19 on their level of sales proceeds. Applicants must also present evidence of opportunity cost and justify their numbers.

Terms and Conditions:

  • Flexible and movable collateral options shall be admitted and registered under the Collateral Registry Bureau.
  • Forfeiture Undertaking and Power of Attorney agreement to be signed by customer, giving NMFB rights to take over pledged assets in instance of loan default.
  • Insurance cover on the asset financed or asset availed as flexible collateral, with the NMFB noted as the first loss payee.
  • Loan amount must match loan repayment plan and loan purpose.
  • Domiciliation of proceeds with NIRSAL Microfinance Bank.
  • Customer must have a verifiable supplier/s who he/she must have had a business relationship with for a minimum of 6 months (for MSMEs).

Method of Application

Interested and Qualified Nigerians should CLICK THE BUTTON below to APPLY

Deadline: Not Specified