This post is on how to access the 50 Billion Naira CBN COVID-19 Loan which is an Intervention Fund for business affected by COVOD-19. The Central Bank recently announced the COVID-19 Relief Loan for Small and Medium-scale Businesses in Nigeria, following the impacts of the pandemic on the nation’s economy.
In this Guide, we will put you through the procedures needed to successfully apply for up to 10 Million Naira CBN COVID-19 Relief Loans the programme, from different devices.
Related Post: How to Access Quick Online Loans in Nigeria
This emergency loan is designed to keep SMEs in business during and after this pandemic and is fully powered by the Central Bank of Nigeria, in partnership with Microfinance Bank.
COVID-19 Stimulus Packages
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But in courses of our findings, one thing is that common among global leaderships and economic teams are the number of funds injected into their economies and made available for small and medium scale business.
Every nation of the world has witnessed the impacts of the Corona Virus, and how it affects smalls and medium scale business enterprises. If the case of Nigeria will be fair for a common man, is a commendable approach to apprehending the looming impacts of this global recession.
The IRSAL Microfinance Bank
IRSAL Microfinance Bank is a leading Nigerian financial institution licensed by the Central Bank of Nigeria (CBN) in Nigeria. The Company was incorporated as a Private Limited Company in 2019 and commenced operations following the grant of a licence by the Central Bank of Nigeria to operate as a National Microfinance Bank in the same year.
The Bank is Owned 50% by the Bankers Committee, 40% by NIRSAL and 10% NIPOST. You can learn more about the Bank here, and it has been selected as the only point through which the CBN COVID-19 Relief Loan can be accessed by Nigerians.
How to Access the 50 Billion Naira COVID-19 CBN Loan
As it has been said, the Central bank of Nigeria made it known to Nigerians that the only source and application portal for this relief fund is through the IRSAL Microfinance Bank. And the procedures are described in the following lines. First, you need to know the official website of the bank, to avoid being misled.
The targeted Credit Facility for COVID-19 is a Stimulus package by the central bank of Nigeria, to support households, Small, Micro and Medium Enterprises (MSMEs) affected by the COVID-19. The CBN Loan is in three distinct categories as shown in the texts below:
- Households: Households with verifiable evidence of livelihood adversely impacted by COVID-19
- MSMEs: Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic
- Corporate Enterprises: Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic, and the processes of Application is also in the following formats:
The process is easy. You can begin on your phone, your tablet or your laptop.
Submit applications directly to NIRSAL Microfinance Bank (NMFB) with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic.
All the applications for the CBN COVID-19 loan are reviewed by the Bank and forwarded to the CBN for final approval.
CBN reviews applications and gives final approval for disbursement to NMFB, and at this point, you can proceed to the official website of the Microfinance bank for free online application.
How to get Other Loan in Nigeria
Apart from these CBN loan scheme for COVID-19 affected businesses, we have compiled a list of soft loans in Nigeria, that can keep some business afloat as the lockdown or any other cases intensify. You can access these loan features by going back to our previous posts in this regard.