The Central bank of Nigeria’s intervention fund which is known as the Targeted Credit Facility to reduce the effects of coronavirus (COVID-19) pandemic on small scale businesses has kick-started.
The disbursement of the N50 billion Targeted Credit Facility (TCF) to beneficiaries was made known by the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance bank, on behalf of the Central Bank of Nigeria (CBN).
The facility is a stimulus package that was initiated by the CBN, to help mitigate the impact of the coronavirus pandemic on households and MSMEs.
This was disclosed by the Managing Director of NIRSAL Microfinance Bank, Mr Abubakar Kure, at a media briefing during the official flag-off of the disbursement in Abuja to some of the beneficiaries. The 3,256 MSMEs are among the first batch of the beneficiaries of the disbursement.
The NIRSAL Microfinance boss said, ‘’The facility is available for service providers in the health sector, trading and all those businesses that have been affected by the Covid-19 pandemic’’
‘’The idea is to provide cash flow which has been disrupted by the lockdown occasioned by the pandemic. The product is intended to provide liquidity for businesses’’, he said