How Can I Apply for CBN Targeted Credit Facilities? That is to say, how Can I apply for CBN Targeted Credit Facilities for households and micro, small, and medium enterprises (MSMEs)? This post is about how to Apply for CBN Targeted Credit Facilities.
Targeted Credit Facility (TCF):
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In fact, the Central Bank of Nigeria (CBN) is receiving applications for its N50 billion targeted credit facility (TCF) aimed at supporting households and micro, small, and medium enterprises (MSMEs) affected by the COVID-19 pandemic.
How Can I Apply for CBN Targeted Credit Facilities?
Disbursing Bank:
The stimulus package, set up by the apex bank in March 2020, is disbursed through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank. This is How Can I Apply for CBN Targeted Credit Facilities?
Announcing the portal reopening in a tweet on Monday, NIRSAL Microfinance Bank (NMFB) said applicants must be households and MSMEs with verifiable evidence of livelihood adversely impacted by the coronavirus pandemic.
Eligibility:
- Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic are also eligible to apply.
- The interest rate on the facility will be nine percent per annum, and working capital will be for a maximum period of one year, with no option for rollover.
- The working capital to be offered to eligible businesses has been fixed at a maximum of 25 percent of the average of the previous three years’ annual turnover.
- However, if the enterprise is not up to three years in operation, 25 percent of the previous year’s turnover will be offered. Now, How Can I Apply for CBN Targeted Credit Facilities?
- Term loans have a maximum tenor of not more than 3 years with, at least, a one-year moratorium.
- Households can access a maximum loan of N3 million while the loan amount to SMEs shall be determined based on the cash flow and industry/segment size of the beneficiary, subject to a maximum of N25 million.
Interested applicants can access the loan application portal via this link
How Can I Apply for CBN Targeted Credit Facilities?
Things you need to note
First, you should take note of the following:
- There is every need for you to check your status to ascertain if you are still on the right path to receiving your covid-19-support loan.
- Before you can access the portal, you should have a profile with the platform. This means that you must have previously applied when the online registration was going on. You can only log in if you have created your profile.
- Find out on How Can I Apply for CBN Targeted Credit Facilities?
Secondly, the NIRSAL Microfinance Loan will only be disbursed to those who are considered qualified applicants. Below are the steps and links that applicants need to follow to check their loan status:
- From previous guidelines, the first step to take is to carefully go through your email address. Those who got their loan requests granted will receive emails indicating that they’ve been granted access to the loan. If by now, after the online application, there is still no mail to show that your loan has been approved, then it’s best to click here or visit https://agsmeisapp.nmfb.com.ng/
- In case you can’t remember the category of loan you applied for, the two major loan categories available are SME or Individual/Households.
- Next, you need to verify your account by submitting your BVN. If you’re lucky to have been approved for the loan, then a window will pop open showing you the amount approved for you.
- The next thing for you to do is to claim your loan. Provide your bank details and information in the correct format. There is a space for that on the portal.
- The final step is to locate the terms and conditions required for the loan, then read and understand every aspect of it.
- You will also learn of the director in charge of your payment and his/her details, and the procedure for repaying the loan.
How Can I Apply for CBN Targeted Credit Facilities?
And, how to repay the loan:
- Contrary to the expectations of some applicants that the loan is non-repayable, the federal government has warned that the loan must be repaid by successful applicants.
- Please note that 5% of the total funds received will be deducted before payment is made to you. The most important thing here is to make sure you don’t default in repayment.
- The loan is to be repaid in 3 years. Since your BVN has been linked to all your accounts, if you fail to repay, the amount will be deducted monthly from your account.
- This is How Can I Apply for CBN Targeted Credit Facilities?
How Can I Apply for CBN Targeted Credit Facilities?
Check out for any of your needs here.
- A bankable Business Plan for all scope of operation
- Train and apply for CBN/BOI/ NIRSAL MFB AGSMEIS and other loan facilities
- Apply and obtain SCUML certificate for your banking purposes
- Apply and obtain contract bidding compliance certificates for you – PENCOM, NSITF, ITF, BPP IRR, Tax Clearance certificate
- Auditing Services and Tax management services
- Apply and obtain regulatory certificates – Import/Export licenses, NCC licenses, NAFDAC certificates etc.
How to apply and get a bankable business plan:
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Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.
