Last year, the Central Bank of Nigeria (CBN) introduced a stimulus package loan to support households and Micro, Small, and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic. It was later stopped, but now it has been reopened.
Households, families, SME’s who have been affected by the economic harshness, who have not applied for the Loan before can apply now.
Requirements For SME
Registered business with CAC
Acceptable Type of Business For SME’s
- 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.
How to Apply
First thing is to go to the Nirsal site and apply here https://nmfbloans.nmfb.com.ng/nmfbloanapplicationportal
>>Once it opens, Under covid 19 Loan, Click on the Apply button under the COVID-19 TCF.
>>Choose “Household Loan” or “SME Loan” depending on your choice.
With CAC and TIN, you can get up to N2.5 million and those without CAC and TIN can get between N50,000 and N1million.
>>Next step choose New if you are just applying
>>Copy your Reference Number number generated
>>Enter your BVN and it will automatically update your details. Carefully fill in the rest of the details and click on the Next button.
Upon successful registration, you should get a success message.
Those who don’t have CAC or TIN can apply for a Household loan. The portal is currently open, apply before it will be crowded.