The Central Bank of Nigeria (CBN) has brought back the popular COVID-19 TCF for households and SMEs under NIRSAL Micro Finance Bank. The program was first launched last year.
According to reports, those with CAC and TIN can get up to N2.5 million and those without CAC and TIN will can get between N50,000 and N1million.
Last year, the Nigerian government launched the program in a bid to support the masses whose businesses and source of income got hit by the effect of lockdown due to the Coronavirus pandemic.
Currently, the CBN Loan Application portal is open for entry and thousands of applicants have already applied.
In this article, you are going to learn how to apply for the CBN COVID 19 Loan 2021 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
How To Apply For CBN Covid-19 Loan 2021
Below are steps you should take to apply for the CBN COVID 19 Loan 2021.
- Firstly, visit NIRSAL microfinance website
- Click on the Apply button under the COVID-19 TCF. When you click on that, it will show you two things like this; “APPLY FOR HOUSEHOLD LOAN” and “APPLY FOR SME LOAN“.
- Pick your choice and proceed. After picking your choice, STEP 1 will ask if you are a New or Returning applicant. Select New if this is your first time.
- After the above step, you will get a popup showing you an APPLICATION REFERENCE NUMBER, Copy your number it’s very useful.
- Then, enter your BVN which automatically populate some of your details. And fill the rest that is required. As you continue with the registration, you will be give the option to fill in the amount you seek for.
Upon successful registration, you are supposed to get a similar popup like the below screenshot.
Note: If you have registered your company with CAC, you can go for the second row (“APPLY FOR SME LOAN”). The major difference between the Household and SME is company’s information from TIN number, CAC and all related information