COVID-19, (Nirsal Loan ) Get Up To N25 Million Loan From Federal Government.

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, the 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.

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Apply as a Households

Eligibility

• Households with verifiable evidence of livelihood adversely impacted by COVID-19
• Customers who have agreed to allow NIRSAL
  Microfinance Bank (NMFB) assess their financial
  records.
• Evidence of opportunity cost or adverse impact as a
  result of COVID-19 pandemic

Download Guideline Households below

Apply as a Microenterprises

Eligibility

• Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic
• The Bank will assess the capacity of the customer through the customer’s business history; via total account statement turnover (with NMFB and other banks), however this would not be the only tool used to determine customer’s eligibility.
  (Note: Where a review of the customer’s account statement raises fundamental issues, the bank reserves the right to make decisions as considered appropriate).
•  Customers who have agreed to allow the NMFB Credit unit assess their financial records.
• Customer must show that the request is justified by the level of sales proceeds evident in the account statement turnover. Also, the customer’s books (ledger) should also justify the numbers.
• Evidence of opportunity cost or adverse impact as a result of COVID-19 pandemic

Download Guideline Microenterprises below

Apply as a SMEs

• Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic
• The Bank will assess the capacity of the customer through the customer’s business history; via total account statement turnover (with NMFB and other banks), however this would not be the only tool used to determine customer’s eligibility.
  (Note: Where a review of the customer’s account statement raises fundamental issues, the bank reserves the right to make decisions as considered appropriate).
• Customers who have agreed to allow the NMFB Credit unit assess their financial records.
• Customer must show that the request is justified by the level of sales proceeds evident in the account statement turnover. Also, the customer’s books (ledger) should also justify the numbers.
• Evidence of opportunity cost or adverse impact as a result of COVID-19 pandemic

How To Apply