How To Apply For The CBN Stimulus Package

Those that applied for the CBN stimulus package a couple of months ago have started receiving the loan package already. However, some people were contemplating then and if you one of them,  the opportunity is still existing as at the time of writing this post. It’s pretty advisable to take advantage of that now.

If your application was successful, you’ll get disbursement in the coming weeks. The CBN had introduced the N50bn Targeted Credit Facility as a stimulus package to support households and Micro, Small, and Medium Enterprises affected by the COVID-19 pandemic.

NIRSAL MFB - CBN Loan

The N50bn intervention is being financed from the Micro, Small and Medium Enterprises Development Fund.

In terms of limit, the loan amount would be determined based on the activity, cash flow, and industry size of the beneficiary, subject to a maximum of N25m for SMEs.

How To Apply For CBN Stimulus Package

Households can access a maximum of N3m while working capital would be a maximum of 25 percent of the average of the previous three years’ annual turnover.

If you are yet to apply, you can apply here https://nmfb.com.ng/covid-19-support/ and make sure you complete your applications and submit. See more details about eligibility below;

Who is Eligible?

Household: with verifiable evidence of livelihood affected by the coronavirus. (Apply here)

MSMEs: Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic (Apply here)

Corporate Enterprise: Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic (Apply here)

Application Guideline

Household – Download guideline here

MSMEs – Download guideline here

Corporate Enterprise – Download guideline here

How Does it Work?

>>First of all, visit this link here and download the application form that fits into the category you belong

>>Carefully fill and submit your applications to NIRSAL Microfinance Bank (NMFB)

>>Your application will be reviewed, and then forwarded to CBN

>>CBN will review your application and then begin disbursement.

If your household is affected or source of income is affected, kindly visit the link above and apply for the stimulus package from CBN.

Download NIRSAL Android app

You can also download the NIRSAL Android app here for easy application

Let us know in the comment if you applied and the money has been disbursed to your account.

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