Many households, families or even businesses most especially startups may have been affected by the COVID-19 Pandemics that forces everyone to be on compulsory lockdown to curb the spread of the virus.
In this light, the Central Bank of Nigeria (CBN) has introduced a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.
The Coronavirus Disease (COVID-19) pandemic has led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment event, the lockdown of large swaths movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world.
These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from a drop in global demand, declined consumer confidence and slowdown in production.
In this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.
Who is Eligible?
Household: with verifiable evidence of livelihood affected by the coronavirus. (Apply here)
MSMEs: Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic (Apply here)
Corporate Enterprise: Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic (Apply here)
Household – Download guideline here
MSMEs – Download guideline here
Corporate Enterprise – Download guideline here
How Does it Work?
>>First of all, visit this link here and download the application form that fits into the category you belong
>>Carefully fill and submit your applications to NIRSAL Microfinance Bank (NMFB)
>>Your application will be reviewed, and then forwarded to CBN
>>CBN will review your application and then begin disbursement.
If your household is affected or source of income is affected, kindly visit the link above and apply for the stimulus package from CBN.