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The N50 billion COVID-19 fund of the Central Bank of Nigeria (CBN) is being disbursed to suitably qualified applicants who meet the guidelines and requirements set by the Apex bank in the wake of the global Pandemic.
The 50 billion Targeted Credit Facility (TCF) for households and Small and Medium Enterprises (SMES) is a means to give relief to the economically vulnerable population during these stressful and trying times.
According to the CBN, eligible households or SMES shall submit applications directly to NIRSAL Microfinance Bank (NMFB).
The applicant must, amongst others, submit BVN number and business registration (where applicable). There is no need to submit a business plan anymore to access the fund. This was initially a compulsory requirement for accessing the COVID-19 loan. The CBN has also waived the guarantor requirement for interested applicants.
Do you think you qualify for the CBN intervention fund? Find out more using this link: https://nmfb.com.ng/covid-19-support/
