Explainer: The 3 Categories Qualified to Apply for CBN's N50bn COVID-19 Loans

Explainer: The 3 Categories Qualified to Apply for CBN's N50bn COVID-19 Loans

- The Nigerian government has established some social schemes to cushion the effect of the coronavirus pandemic on Nigerians and their businesses

- One of such is the CBN's Targeted Credit Facility which is being managed by NIRSAL Microfinance Bank

- Legit.ng explains the three categories that are eligible for this initiative and where to apply

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It is no more news that the Nigerian government has come up with several interventionist schemes to mitigate the impact of COVID-19 on Nigerians.

However, some Nigerians are still in the dark as to whether or not they are qualified to access these schemes.

This piece focuses on the Central Bank of Nigeria (CBN)'s Targeted Credit Facility and sheds light on the categories of citizens that are qualified to apply for the loans, according to the loans' manager, NIRSAL Microfinance Bank.

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Explainer: The 3 Categories Eligible for CBN's N50bn COVID-19 Loans
Households, businesses can apply for CBN's N50bn COVID-19 loans. Photo credit: @cenbank
Source: Twitter

CBN's Targeted Credit Facility (TCF)

As earlier stated, the TCF was introduced by Nigeria's apex bank as a stimulus package to help reduce the damaging impacts of the coronavirus pandemic on Nigerians.

The central bank allocated a sum of N50 billion for the initiative which is being managed and disbursed by NIRSAL Microfinance Bank.

The three eligible categories

1. Households

According to NIRSAL Microfinance Bank, Nigerian households that have verifiable evidence that the pandemic has adversely affected their livelihoods are are qualified to apply for the loans.

2. Microenterprises

Also, Nigerian enterprises are qualified for the TCF. The offer is, however, limited to those with verifiable evidence to show that their business activities have been adversely affected by the pandemic.

3. SMEs

Small and Medium Enterprises with bankable plans to take advantage of opportunities arising from the pandemic are also eligible for the stimulus package.

According to NIRSAL Microfinance Bank, Nigerians can access up to N25 million in the stimulus package initiative.

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Interested eligible applicants visit the national microfinance bank's portal to register.

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Earlier, Legit.ng explained how interested and eligible Nigerians can also apply for two other social intervention programmes introduced by the federal government; the Guaranteed Off-take Stimulus Scheme (GoS) and the General MSME Grant.

The GoS scheme is aimed at protecting and sustaining the incomes of vulnerable MSMEs while the General MSME Grant is a one-off grant of N50,000 that will be given to each qualified MSME as direct cash injection into their business.

Source: Legit.ng

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