CBN/NIRSAL MSMEs Loan Application Portal Reopens, How To Apply

The Central Bank of Nigeria (CBN) has reopened the NIRSAL COVID-19 loan application portal for MSMEs and individual households.

NewsOne Nigeria reports that the CBN had introduced a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic. Interested and eligible candidates are invited to register for the loan.

BACKGROUND

The outcome of the COVID-19 pandemic has had severe consequences on households’ livelihoods and business activities, resulting from a drop in global demand, declined consumer confidence, and a 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.

CBN/NIRSAL COVID-19 Loan Application | Who Is Eligible?

• Households: Households with verifiable evidence of livelihood adversely impacted by COVID-19
• Microenterprises: Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic
• SMEs: Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.

Application Procedures

The CBN/NIRSAL COVID-19 Loan Application can be done in these three steps;

STEP 1: Submit an Application

• You can use your phone, tablet or laptop for the application.
• Visit NIRSAL COVID-19 loan portal via https://nmfb.com.ng/covid-19-support/ and submit applications directly to NIRSAL Microfinance Bank (NMFB) with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic.

STEP 2: Approval

• NIRSAL MFB reviews your application and forward the application to the CBN for final approval.

STEP 3: Disbursement

• CBN reviews applications and gives final approval for disbursement to NMFB

Further Notes:

• Interest Rates: Interest rate under the intervention is 5% p.a. before 1st March 2021 and 9% p.a. after (all inclusive)
• Load Duration: Working capital will be for a maximum period of one year, with no option for rollover.
• Loan Amount: Households can access up to N3 million while SMEs can access a maximum of N25 million subject to a number of factors.

Application Deadline: Not Specified

Visit the Official NIRSAL Application Portal for Further Details