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The Central Bank of Nigeria (CBN) is now receiving applications for its N50 billion Targeted Credit Facility (TCF), aimed at supporting households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic
The stimulus package, set up by the apex bank in March 2020, is disbursed through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank.
Announcing the portal reopening in a tweet, 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.
The interest rate on the facility is nine percent per annum while working capital will be for a maximum period of one year, with no option for rollover.
The working capital to be offered to eligible businesses has been fixed at a maximum of 25 per cent of the average of the previous three years’ annual turnover.
However, if the enterprise is not up to three years in operation, 25 per cent of the previous year’s turnover will be offered.
Households can access a maximum loan of N3 million while the loan amount to MSMEs shall be determined based on the cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million.
Interested applicants can submit an application for loan via https://nmfb.com.ng/covid-19-support/