The Central Bank of Nigeria (CBN) is calling on applications for N50bn Targeted Credit Facility (TCF) created to support individuals, MSMEs, Businesses and Households affected by COVID-19.
The CBN loan facility will run for a maximum of 3 years and repayment will be made on an instalment basis according to the nature of the enterprise. Households will be able to access loans between N1 million and N3 million while MSMEs can obtain loans ranging from N3 million to N25 million.
The Interest rates varies between 5% and 9% depending on loan purpose.
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