The Central Bank of Nigeria (CBN) is 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 on Monday, 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 will be nine percent per annum, 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 percent of the average of the previous three years’ annual turnover.
However, if the enterprise is not up to three years in operation, 25 percent of the previous year’s turnover will be offered.
Term loans have a maximum tenor of not more than 3 years with, at least, one-year moratorium.
Households can access a maximum loan of N3 million while the loan amount to SMEs shall be determined based on the cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million.
Interested applicants can access the loan application portal.
NIRSAL Covid-19 Loan Portal Login
How to login to NIRSAL Loan portal. Simply enter www.nmfb.com.ng/covid-19-loan/ in your browser. You will be directed to the NIRSAL Microfinance Bank Website where you can enter your details to login or sign up.
NIRSAL Login portal procedures is very easy. Provided you have the details you used to sign up on the portal, then logging in to the NIRSAL cbn loan application portal should be smooth for you.
The NIRSAL Portal was open to enable Nigerians benefit from the targeted credit facility (tcf) covid19 household loan provided by the Federal Government in collaboration with the Central Bank of Nigeria (CBN).
nmfb.com.ng/covid-19-support/ NIRSAL CBN Loan Application Portal
Login to nmfb.com.ng Covid-19 NIRSAL Loan portal to access the CBN Loan facilities for all eligible Nigerians. Application portal for the NIRSAL Microfinance Bank Loan is www.nirsalmfb.caderp.com/Account/Register to successfully sign up for the Covid 19 support loan.
NIRSAL microfinance Bank working together with CBN is giving out loans to various households to ease the effect of the Covid-19 on them. Application form is available on the portal and anyone can apply.
The application guidelines have been provided online where you can login to the application portal and register for the Loan and credit facilities provided to you by the Central Bank of Nigeria.
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