The Central Bank of Nigeria (CBN)  which recently introduced a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic is now accepting applications for the  package described as N50 billion Targeted Credit Facility (TCF).

The package given out in form of loans is in three categories: 

Households which can show evidence of its livelihood adversely impacted by Covid-19 can access a maximum of N3 million

For existing MSMEs with verifiable evidence of business activities adversely affected by the pandemic can assess the loan. The amount shall be determined based on the activity, cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million.

Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover. (where the enterprise is not up to 3 years in operation, 25% of the previous year’s turnover will suffice).

Corporate enterprises with bankable plans are also  opportuned to take advantage of the opportunities

The facilities whose tenure ranges from one to three years attracts 5% interest (all inclusive) till February 2021, and thereafter reverts to 9% from March 1, 2021.

The application forms can be accessed at https://nmfb.com.ng/covid-19-support/