The Application Guideline for CBN N50bn COVID-19 Loan – How To Apply Now. The Central Bank of Nigeria has approved the total sum of N50bn for disbursement as a credit facility. The loan is a targeted credit facility to support household and micro, small and medium enterprises (MSMEs).
The Federal Government CBN N50bn COVID-19 intervention loan is to support households and MSMEs whose economic activities have been affected by the coronavirus disease. Also, another aim of the COVID-19 loan is to reduce the adverse impact of the pandemic on household and MSMEs.
Moreso, it is to stimulate credit to Micro, Small Medium Enterprises! in other to expand their productive capacity through equipment upgrade, and research and development.
Household, MSMEs Considered For The CBN COVID-19 Loan
The eligible household and MSMEs activities that will be considered under the scheme are;
- Agricultural value chain activities.
- Hospitality (accommodation and food services).
- Health (pharmaceuticals and medical supplies).
- Airline service providers.
- Manufacturing/value addition.
- Any other income-generating activities as may be prescribed by the CBN.
Maximum Loan To Be Access
The maximum loan or loan limit to be accessed by the household, small and medium enterprises are as follows;
Household categories can get a maximum loan of N3 million
SME’s categories can access a maximum of N25 million which is determined based on activity, cash flow, and industry/segment size of an individual.
Note the 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).
Eligible Participants are;
- Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.
- Households with verifiable evidence of livelihood adversely impacted by COVID-19.
- Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic.
For more information about the CBN N50bn COVID-19 loan, click HERE
How To Apply
Click HERE to start your application.
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