NIRSAL Covid 19 Loan
– A lot of Nigerians have been asking for the link to the nmfb application form
to apply for the Central bank of Nigeria CBN COVID-19 loan
so we decided to share this update to help you access the CBN COVID-19 Loan application portal
NIRSAL nmfb.com.ng Covid-19 Loan Application Form
The link to apply for the CBN NMFB Covid19 Support Loan
However, due to the massive traffic to the application portal, the website goes off and on. At the moment the nmfb portal has gone off because it has reached its resource limit.
For those who have been trying to access the application form, but can’t because the website is temporarily unable to service your request, you are advised to check back later.
The nmfb application portal will be back again as soon as the portal is updated with a new resource. And you can access the portal at https://nmfb.com.ng/covid-19-support
About NIRSAL Covid-19 Loan Application – https://nmfb.com.ng/covid-19-support
Access up to N25 Million Targeted Credit Facility for COVID-19. The Central Bank of Nigeria (CBN) introduces a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.
The Coronavirus Disease (COVID-19) pandemic has led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment event, lockdown of large swaths movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world.
These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and 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.
Who Is Eligible for NIRSAL Covid-19 Loan?
- 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
What is the interest rate?
The interest rate under the intervention is 5% p.a. (all-inclusive) up to 28th February 2021 and thereafter, the interest on the facility will revert to 9% p.a. (all-inclusive) as from 1st March 2021.
How long is the loan for?
Working capital will be for a maximum period of one year, with no option for rollover. Term loans have a maximum tenor of not more than 3 years with, at least, a one-year moratorium.
How much can I access?
Households: Can access a maximum of N3 million Loan amount to SMEs shall be determined based on the activity, cash flow, and industry/segment size of the 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).
How It Works
Submit An Application
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.
We review your application and forward the application to the CBN for final approval.
CBN reviews applications and gives final approval for disbursement to NMFB
Apply now at https://nmfb.com.ng/covid-19-support
- Applicants who have challenges with disbursement and other issues are to call mobile number: 09010026900, 09010026900 – 7 and [email protected] for resolution.
- Meanwhile, also in a bid to avert the looming economic recession as a result of the coronavirus pandemic, the CBN has cut its key interest rate to 12.5% from 13.5%.
- The new rate is the lowest in four years, citing CBN’s governor Godwin Emefiele as saying that seven of the 10 members of the monetary policy committee voted for the cut.
- The cut may have two effects; one, it may further stoke inflation and increase pressure on the naira; two, it could also help boost the economy which is facing pressure from the oil price crash and the coronavirus pandemic.
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If you want to receive regular updates on NIRSAL CBN Covid-19 Loan Portal – https://nmfb.com.ng/covid-19-support, kindly drop a comment below so we can keep you updated.