CBN REOPENS N50BN COVID-19 LOAN PORTAL FOR HOUSEHOLDS AND BUSINESSES

The Central Bank of Nigeria (CBN), through NIRSAL Microfinance Bank, has reopened its portal for Micro Small and Medium Enterprises (SMEs) and households affected by COVID-19 to access up to N25 million.

This was disclosed by the Personal Assistant to President Muhammadu Buhari on New Media, Bashir Ahmad, via his Twitter handle on Wednesday.

He tweeted, “The CBN, through @NirsalMFB introduces a stimulus package to support households and MSMEs affected by the COVID-19 pandemic. An individual can access up to N25million.”

Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic are also eligible to apply.

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 through www.nmfb.com.ng