The Central Bank of Nigeria (CBN) instituted the N50 billion COVID-19 TCF for households and SMEs to mitigate the harsh economic impact of the coronavirus pandemic currently in the country.
As we write, thousands of Nigeria have already applied for the loan and according to a statement issued by the Director, that all loan approved will be disbursed 48hour after approval of the CBN COVID 19 Loan.
Currently, the CBN Loan Application portal is open for entry and thousands of applicants have already applied.
In this article, I will show you how to apply for the CBN COVID 19 Loan for Household and SMe.
Firstly, we would like to look at the type of business that is acceptable, kindly note that the industries listed below are not limited and should not be weary if your industry is not listed.
Acceptable Businesses for the CBN Loan Application portal Entry
- Agricultural value chain activities,
- Manufacturing & Cottage Industries,
- Trade and general commerce,
- Renewable energy or energy-efficient products and technologies, and
- Any other income-generating projects as may be prescribed by the CBN.
Requirements for the CBN COVID 19 Loan
Listed below are the requirements for the CBN COVID 19 Loan application for SMes
- Registered business with CAC
- Evidence of tax payments
- Letter of Introduction
- Passport photo of you and guarantor
- Valid ID card
CBN Loan Application portal 2020 (How to Apply)
Below are steps you should take to apply for the CBN COVID 19 Loan.
- Firstly, visit NIRSAL microfinance website via https://nmfb.com.ng/covid-19-support/
- Locate Household or SMEs
- Click on Apply button
- Fill the application form and submit
Meanwhile, put in mind that the steps you took above is the first step, once your application is approved, you will be contacted to verify your BVN through the website https://covid19.nmfb.com.ng/SmeLoan thereafter, you will acknowledge the receipt of the application.
Conditions for necessary for the CBN COVID 19 Loan Application
- Flexible and moveable collateral options shall be
admitted and registered under the Collateral Registry
- Forfeiture Undertaking and Power of Attorney
agreement to be signed by the customer, giving NMFB
rights to take over pledged assets in the instance of loan
- Insurance cover on the asset financed or asset availed
as flexible collateral, with the NMFB noted as the first
- Loan amount must match loan repayment plan and
- Domiciliation of proceeds with NIRSAL Microfinance
Kindly share your experience and thought about this application with us.