Coronavirus: How to apply for CBN's N50bn Covid-19 loan
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Coronavirus: How to apply for CBN's N50bn Covid-19 loan

In a bid to mitigate the economic impact of the coronavirus pandemic, the Central Bank of Nigeria (CBN) has introduced a stimulus package for Nigerians.

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The CBN's stimulus package is a N50 billion loan (Targeted Credit Facility) made available to support households and Micro, Small and Medium Enterprises that have been affected by the COVID-19 pandemic

The loan facility is available for there major categories:

1. Households

These are Nigerian households with verifiable evidence of livelihood adversely impacted by COVID-19

2. Microenterprises

Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic

3. SMEs

Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic

This simple guide by Legit.ng walks you through how you can apply for the loan if you are under the three eligible categories.

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How to apply for CBN's Covid-19 loan in three simple steps

STEP 1: Submission of Application

Submission of application for the loan is the first step. You asked how to do this? Very easy. You can begin on your phone, your tablet or your laptop.

The applications are to be submitted directly to NIRSAL Microfinance Bank (NMFB) with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic.

The application weblinks for where to apply for each of the categories are available here: nmfb.com.ng/covid-19-support/.

Luckily, the CBN had also waived the requirement for the provision of guarantors by households and small and SMEs.

The CBN confirmed that the reason for waiving the guarantor requirement was to reduce the stress on applicants trying to access the loan.

STEP 2: Approval

Step two of the application has to do with approval, that is, the NMFB will review your application and forward the application to the CBN for final approval.

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STEP 3: Disbursement

This is the final step where the CBN reviews your application and gives final approval for disbursement to NMFB.

The CBN has given assurance that all successful applicants will be credited within 48 hours

For those who have applied successfully but yet to be credited, the CBN has advised them to visit the website of NMFB (www.nmfb.com.ng) and input their account details.

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Complaints

Applicants who have challenges with disbursement and other issues are to call mobile number: 09010026900, 09010026900 - 7 and covid19@nmfb.com.ng for resolution.

Meanwhile, also in a bid to avert the looming economic recession as a result of the coronavirus pandemic, the CBN has cut its key interest rate to 12.5% from 13.5%.

The new rate is the lowest in four years, citing CBN's governor Godwin Emefiele as saying that seven of the 10 members of the monetary policy committee voted for the cut.

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The cut may have two effects; one, it may further stoke inflation and increase pressure on the naira; two, it could also help boost the economy which is facing pressure from the oil price crash and the coronavirus pandemic.

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Source: Legit

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