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How to Apply For Covid-19 N50bn CBN Loan for Small Businesses and Individual Household in Nigeria

Dayo Adetiloye Business Hub

How to Apply For Covid-19 N50bn CBN Loan for Small Businesses and Individual Household in Nigeria

 

 

You will get this loan through the participating financial institution for the scheme which is  NIRSAL Microfinance Bank.

How to Apply For Covid-19 N50bn CBN Loan for Small Businesses and Individual Household in Nigeria

How to Apply For Covid-19 N50bn CBN Loan for Small Businesses and Individual Household in Nigeria

HOUSEHOLD LOAN APPLICATION GUIDELINE

 

 HOUSEHOLD LOAN APPLICATION GUIDELINE PRODUCT NAME

 

TARGETED HOUSEHOLD LENDING
PRODUCT DESCRIPTION Targeted household Lending: This offers an avenue for loans to be processed for households based on verifiable evidence of adverse impact of the COVID-19 on livelihood, as the major consideration for lending.
TARGET MARKET The fund is targeted at households with verifiable evidence of livelihood adversely impacted by COVID-19
ELIGIBILITY  

 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

 

DOCUMENTATION REQUIRED  

 Loan application letter

 Duly completed application form

 Duly executed Guarantor form

 A valid means of ID (national ID, driver’s license, voter’s card or international passport)

 Current utility bill

 2 recent passport-size photographs

 BVN

 

TERMS & CONDITIONS  

 Flexible and moveable collateral options shall be admitted and registered under the Collateral Registry Bureau.

 Forfeiture Undertaking and Power of Attorney agreement to be signed by customer, giving NMFB rights to take over pledged assets in instance of loan default.

 Insurance cover on the asset financed or asset availed as flexible collateral, with the NMFB noted as the first loss payee.

 Loan amount must match loan repayment plan and loan purpose.

 Domiciliation of proceeds with NIRSAL Microfinance Bank

 

FACILITY TYPE Term Loan
SINGLE OBLIGOR LIMIT N3m
LOAN TENOR Maximum of 36 months
MORATORIUM At least 12 months
PRICING 5% p.a till February 28, 2021 and 9% subsequently
REPAYMENT STRUCTURE Installment basis, according to the nature of enterprise

 

COLLATERAL REQUIREMENT S/N Household Products Possible Collateral
1 Mini Micro:

N1 – N500,000.00

Applicant must provide the following;

 1 Acceptable Guarantor with valid ID card (National ID or NIN Slips, International Passport, Driver’s License, Permanent Voter’s Card) and BVN

 Utility Bill for both Applicant and Guarantor

 

2 Micro

N500,000.00 – N1.5m

Applicant must provide the following;

 Any describable movable asset with a serial number that can be used for registration on the collateral registry worth at least 70% of the loan amount.

 1 Acceptable Guarantor with valid ID card such as National ID or NIN Slips, International Passport, Driver license, Permanent Voter’s card & BVN

 Utility Bill for both Applicant and Guarantor

 

3 Micro Plus

N1.5M – 3M

Applicant must provide the following;

 Any describable movable asset with a serial number that can be used for registration on the collateral registry worth at least 70% of the loan amount.

 Comprehensive insurance over the asset.

 1 Guarantors with valid ID card (National ID or NIN Slips, International Passport, Driver license, Permanent Voter’s card) and BVN

 Utility Bill for both Applicant and Guarantor

 

 Read Also: Top-49-Business-Questions-you-will-be-asked-when-applying-for-covid-19-cbn-loan-through-Nirsal-Microfinance-Bank-in-Nigeria

 

Central Bank of Nigeria

Disclaimer

CBN Does Not Charge Any Fee on COVID-19 Loan Applications

The attention of the Central Bank of Nigeria (CBN) has again been drawn to false reports in the social media circles that loan seekers and owners of small-scale businesses who apply for loans provided to cushion the effects of COVID-19 are required to pay a certain amount as application processing fee.

For the avoidance of doubt, there are clearly spelt out procedures for accessing the N50 billion Targeted Credit Facility (TCF) stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic, which are disbursed through the NIRSAL Microfinance Bank (NMFB).

Video Training: How to Apply for Covid 19 Loan in Nigeria

Read Also: 25 Things You Need to know about 75Billion Naira MSME Survival Fund to support self-employed persons and MSMEs across Nigeria.

Members of the public, particularly households and owners of small-scale

businesses, are therefore advised to disregard any message requiring them to

pay any amount to process their applications.

Prospective applicants are advised to approach NIRSAL Microfinance Bank or the CBN branch nearest to them for clarification on the procedure for accessing any of the CBN-related loans. Any observed irregularities should be reported to the

 

Isaac Okorafor

Director, Corporate Communications

April 13, 2020

Click Here to Apply

https://nmfb.com.ng/covid-19-support/

 

Read Also: Top-49-Business-Questions-you-will-be-asked-when-applying-for-covid-19-cbn-loan-through-Nirsal-Microfinance-Bank-in-Nigeria

 

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Dayo Adetiloye Business Hub
Dayo Adetiloye Business Hub is a grassroot business development service provider with a 6 year of track record of excellent service delivery for local and international clients.

As a leading business development service provider in Nigeria, Dayo Adetiloye Business Hub has been recognized and certified by Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in Conjunction with Enterprise Development Centre (EDC), Pan-Atlantic University (PAU) of the Lagos Business School (LBS).

Our solutions are designed for MSMEs and are supported by deep insight into various industries and extensive experience acquired from over the years by supporting our clients as partners in their business transformation.

Through our services and business activities, we help individuals/entrepreneurs transform their business ideas into a business venture, and support existing business to scale or expand their operation. We also connect startups and MSMEs with opportunities and resources for their business growth.

We have Consulted for more than 5000 MSMEs in the last 6 years in various industry including Agro-processing, Consulting, Training and Education, Financial Services, Waste Management, Renewable Energy, Oil and Gas, Construction, Real Estate, FMCG, Digital Marketing, Personal Branding etc.

Our Vision:
To become the leading grassroot business Hub that provides Business
Development Services in the global online community

Mission Statement:
- Provide bespoke management and business planning consultancy
- To connect MSMEs with opportunities and resources for their business startup, growth and expansion through trainings, seminars, coaching, consulting, mentoring, and Angel investing.
- To inspire, empower and champion entrepreneurship in the global online community.

Business Goals and Objective

- Engender national prosperity by contributing to the creation of at least 100 new businesses every year
- Become a go-to brand for outstanding business development services for MSMEs
- Strategic partnership with local and international organization to empower start-ups
- Continuous innovation to serve our clients better

Core Values:
Integrity
Opportunity Maximization
Digitalization
Personal Development (Capacity Building)
Excellent Customer Satisfaction
Timeliness
Dayo Adetiloye Business Hub
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7 Comments

  1. Pingback: Apply for N10 million CBN AGSMEIS 5% Loan Today
    April 15, 2020
  2. Pingback: How To Access CBN’s N220 Billion Micro, Small and Medium Enterprises Development Fund (MSMEDF)
    April 16, 2020
  3. ugwu onyekachi Oliver

    pls I need money to start my agricultural business

    April 16, 2020
  4. Pingback: Top 49 Business Questions You Will Be Asked When Applying For Covid-19 CBN Loan through NIRSAL Microfinance Bank in Nigeria. - Youth Entrepreneurship
    April 16, 2020
  5. Yahaya Ibrahim

    Please I need your assistance

    June 12, 2020
    • Dayo Adetiloye

      ok You can call us. 081 0563 6015, 080 7635 9735

      June 13, 2020
  6. Mahammad al,ameen ibrahim

    Good of that ajanda

    June 26, 2020
  7. Safiyanu ahmad

    Good nice very much

    August 12, 2020
  8. Yahuza m sani

    That is very good, God bless us

    August 24, 2020
  9. Abubakar Sadiq Mohammed

    Cabital business and my handcraft construction company limited am covid-19 loan thanks

    March 7, 2021

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