The Central Bank of Nigeria (CBN) has disclosed the guidelines that must be followed by individuals and companies to access the N50billion targeted credit facility for households and Small and Medium Enterprises that are badly hit by COVID-19.
This was disclosed in a circular issued by CBN and signed by its Director, Financial Policy and Regulation, Kevin Amugo.
The apex bank had last week unveiled the fund in response to the coronavirus pandemic, which had led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, lockdown of large swaths movements of persons in many countries, among others.
Why it matters: The outcome of the disease have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.
READ MORE: SMEDAN to move 40 million informal businesses to formal sector, registers MSMEs
In this respect, the CBN introduced the N50billion Targeted Credit Facility as a stimulus package to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic.
How it works: CBN explained that those that can benefit from the fund are households with verifiable evidence of livelihood adversely impacted by COVID-19; existing enterprises with verifiable evidence of business activities adversely affected as a result of the pandemic and enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.
According to the CBN guideline, activities covered under the scheme include agricultural value chain activities; hospitality (accommodation and food services); health (pharmaceuticals and medical supplies); and airline service providers.
Others are manufacturing/value addition; trading and any other income-generating activities as may be prescribed by the CBN.
READ MORE: COVID-19: All courts to shut down immediately
It said, “The scheme would be financed from the Micro, Small and Medium Enterprises Development Fund and the eligible participating financial institution for the Scheme would be NIRSAL Microfinance Bank.”
The apex bank added that the loan amount would be determined based on the activity, cashflow and industry size of beneficiary, subject to a maximum of N25m for SMEs.
It said households can access a maximum of N3million while working capital would be a maximum of 25 per cent of the average of the previous three years’ annual turnover
How can I get a loan
Please somebody should direct us to where we can get the room without that the big wings we share the money with themselves
Is there loan for students? PhD student that have to work from home at this time
How can I get a chance to access this COVID-19 CREDIT FACILITY?.. We know the bigger fishes will devour them before our reach. Nigerians already know hands that created this opportunity and the real owners. God save the poor .
How do l apply. Am in yenagoa. And am interested on the loan. I Have a land here which l intend to use for agricultural produces. But need money to start up. Thank you.
Key into AGSMEIS loan, register with 10k and choose EDI close to you
Please don’t mind anyone asking you to register
how do i access the loan?
How may I refound the money.
How to get it
The intervention looks good on paper. I hope it would reach those it is meant for.. We need the contact of NMFB. Thank yes
Will be so grateful to the Nigerian Government if I can access this loan….God bless u all.
Great mindset, but who are going to benefit from it? Only the big wings. God we’re in your hands save us because nigeria ur beloved country has turned to something else.
I doubted if CBN and co know the meaning of corona virus. Before you set any criteria to. Qualified. You must first provide first Aid that will make people survive. One of the major factors that drag Nigeria to poverty is the lack of our economic team to identify the ratio at which poverty had destroyed Nigerians. Let CBN keep her money. When corona affected quatre of Nigeria. They Will know what to do
How’s this loan accessed please Mr Abiola Odutola keep us posted thanks
Comment: AM interested in the loan please
how do i access the loan?
How can I access the loan am a business owner with registered document and sculm certificate am in Lagos
We do not have adequate institutional structure to disburse such huge social welfare assistance to Nigerians, without abuse from those assigned to effect the payments. We have serious problem of corruption, nepotism, and accountability in Nigeria. I am available to help in developing a workable structure for this purpose.
I am interested. I have a land good for agriculture. I will be glad for I can have a loan to enable me start up. Thanks
Am interested how can I access this loan
How can I access the loan?
Pls am interested in the loan ao can l apply
How can I get this loan, this pandemic has closed down buy business.
Am interested in the loan
How can someone fulfill all these requirements before accessing this loan when this COVID 19 is a big threat to lives . Nigeria government is never establish for commoners. God help us
How can l get a loan ,in D’s time of covid 19
I need the loan,how can I apply
government of the rich,what about the millions of persons in the rural areas how are they going to benefit from ur one sided loan ,or do they not have mouth to eat??? Washed and faded leaders.
Here they come again, they have mapped out.a plan to compensate themselves…these greedy people can never do anything without using the masses as their ladder…I throw you a challenge …No neutral member of the masses with benefit from this facility until they finish the money…l will ask you when it’s all done
How can I access the loan?
Please how can I access this CBN loan,I am in Benin, Edo State,I am a farmer and I still have small scale business, please help me so that I can establish my business well and expand my farming work, thanks and God bless our country Nigeria.
I’m quite sure the so called loan will go to northerners alone. Southerners please save your energy and inks.
Am a trader. Due to COVID-19 our market will be shut from Monday 30, March 2020. No more trading or means of survival.
I need the loan or assistance for my household to survive.
Please how do I access the loan?
How can one access for the loan
I’m interested in the loan.how can i register for it.
Everything is worth trying. Don’t get to the end without a start point. Bravo
This, really is not the right time to impose this kind of eligibility rule on Emergency Injury Disaster Loan. This guideline shows that the welfare of the masses is not the watch ward of our leaders at this very time of National Pandemonium.
How do I access the loan. I’m a worker and I’m faced with Mandatory unpaid leave from my worker from 1/4/2020. I need money(3m) to start Uber Service. I have cushion own cash in my bank. I will back as appropriate monthly
I’m interested in the loan for my farm. How can I access or, apply for it, please?
Please how do we apply for dis loan, pls I need it to pay my workers n also pay rent
I need this funds, how do I apply.
I need this funds, how do I apply. I am already in production. I produce groundnut oil. But for the covid-19 Land mic around the world, we have to stop production as we cannot access raw materials.
When will the application form be available, since its online.
I am interested in the loan, how can I access the process.
This idea if it can reach the grassroot will achieve its aim.
One sure way if CBN ensuring it reached the desired audience is to use the beneficiary’s BVN
How can I apply for the loan
How can I apply for the loan pls Link
How cani apply for the loan pls link
My name is Ogugofor Sunny Anthony.am a chemist my shop has been shot down do to this coronavirus,so am seriously in need of fund.Tnx.
When will them start giving the loan?
Please I’m into gadgets business and my dad is into agriculture and accommodation
Pls how can I access this loan cause it is very needed.
Am interested, how can I access this loan please?
Leave a reply and you didn’t attend to any. People I’ve asking and I’m also asking now how we can assess the loan
I am interested, how can I apply for the loan
I will appreciate if I can access the loan.
I am interested, please, I do I access the loan. Thanks
Please, I am interested. How do I access the loan. Thanks
This a laudable idea from our Apex Bank. However every effort must be made by the Governor that sincere Nigerians like us access this for once.
how can i access this loan?
Comment:Pls how and where should i go inorder to apply
How can I access the loan?
Pls is this loan still available. Am a business man. Pls how can I access the loan
I. Need this loan for expansion of my business, but the condition involved is not easy to go to through pls cbn see easier way to help people like us.
How can I apply for this credit facility if the ones in charge won’t share it for themselves.
Please can I apply for the loan
How can I access the loan
Am also interested in d loan
I need the loan to boost my business,and also to provide food for my family we are dieing for huger.
I am interested in getting the loan.
What are the possible means for applying to get the loan?
I am a business person and this would have helped boost me easily.
Accessing this loan is pretty difficult and l advice that simplifying this loan processing would be wise. Put yourself in the shoes of SME owners.
Make the loan easy to access, its very difficult to access presently.
How will I apply?
Please #CBN how do we access this loan? Where is the link? My business is almost crumbling, I really need this loan, am a registered company (enterprise). I’d anyone knows the link, please share
How can I apply for the loan, in this lockdown period?
Please I need a loan so that I can pay my school fees, as am the one training myself, the saving I had for my school fees, I used if for feeding, due to the lockdown, God bless you, am a 300level student.
How do I access this loan?
How can I acces form
Please how do I access the loan ?
Please what are the procedure of accessing the loan for the upright of my business again please contact me back
How can I access it? That is our big problem.
How do we access it
Rubish headline – your headline says guideline for accessing the loan and still none is pelt out here.
They didn’t make the registration available for the public and they said 80,000 people have registered. They are bunch of thieves and evil people
How do I apply for the loan, any application form?
How do I get the involved in this loan ,am into agriculture value chain ,cash crop farming ,piggery ,etc .
How do i apply for this loan, it is a good one for us at thus time. I am in the EDUCATION SECTOR. Thank you.
Please how do I access it
I am very much interested in the loan to help me bounce back in my small business.
This is a good idea by the central bank of Nigeria. My question is how do i access this loan am a farmer practised? Thank you.
I am interested pls how do l apply for d loan .
I live in Ijebu ode Ogun State
HOW CAN I APPLY?
what are the procedures of applications
Is a good idea for federal government to bring this issue. Please how do I apply so to support my small business.
Pls direct me on how to access the loan thank u
you apply through NIRSAL Microfinance Bank.
I have a registered business dealing with food and agro allied supply, this pandemic is affecting my business right now. How can I get the application form.? My company’s name is RAYSOLAB VENTURES.
I need the loan pls
My dear, that’s what baffles me. No registration link, no information on how to get application form and here they are telling us 80,000 people have applied.
Please how can I get the loan
How do I apply for the loan?
Please due to lockdown order by FG to contain Covid-19 and it’s spread, My business enterprise can no longer receive goods and services even my customers have all shutdown leaving me alone, few staff stranded. I need this loan to have a new start.
Thanks for consideration.
I am interested in this covid19 credit support facility. I run a school in FCT, how can I apply now? Thanks
how can I apply for the loan
How do we access the loan?
Comment: I’m interested in the loan offer, what are the guidelines to follow to access it please
This is the right time for us to wake up and go back for Agriculture in Nigeria, May God gives more courage to our present government to empower us., I am much interested.
With all how can I apply? No comment from anyone. I will also join the train of how can I apply. Think of it in a wide way. Gutantor, Bvn, and someone bank statement should be okay.
Is this fake? Why is Nisral debunking their involvement in this?
Pls how do I access the loan?
I had network issue will trying to inpute my account number the accept the loan after approval; how can i go back and inpute the required info(Accont details)?
How can I apply for this. The web portal please
How can I get the fund
Plz how can I access the loan
if send me your money at star from marriage by graed of god to treade business
please helps am problems iyes
am business man helps is my problems?
Student i want help me