Jedidiahzurik
In our last article, we talked about how you can access the CBN AGSMEIS Loan Without Collateral.
And in this article, we would explain the procedures that are involved, in applying for the CBN N50bn Covid-19 Support Loan.
Kindly note that this support Loan is for Households, SME’s and MSME. And it has been provided by the Federal Government of Nigeria, through the Central Bank of Nigeria (CBN).
Read to the end for full details.
CBN N50bn COVID-19 Support Loan
The Covid-19 Support Loan would be distributed by the NIRSAL Microfinance Bank.
It would come with an interest rate of 5% per annum (all inclusive till the 28th of February, 2021).
From the 1st of March 2021, it will revert back to 9% per annum.
If you would like to be part of the Covid-19 Support Loan that has been provided by the Federal Government, through the Central Bank of Nigeria, then ensure that you go through the application procedures that has been provided below.
Application Procedures And Requirements
In this section, we are going to discuss the procedures that are involved in applying for the Covid-19 Support Loan.
And in addition to that, we would also provide you with information on the requirements that are involved as well.
Covid-19 Support Loan for Households
If you would want your household to benefit from this Support Grant, then you would have to provide verifiable evidence of livelihood, which was clearly affected by the Covid-19 pandemic.
Households are eligible to receive a maximum of Three Million Naira (3, 000, 000NGN) only.
And to qualify for this category, you would have to take note of the requirements below;
- An Executed Guarantor Form.
- A valid means of Identification.
- The Loan Application Letter.
- The completed application forms.
- Your Bank Verification Number (BVN).
- Two recent Passport photographs
- And your current Utility Bill.
We would also talk about the benefits that has been attached to MSME’s and Corporate Businesses, that would be beneficiaries of this Grant.
Covid-19 Support Loan for MSME’s and Corporate Businesses
If you fall under the Mini SME, then note that you would be eligible to receive a Loan of Three million naira, to Ten million naira (N3m – N10m).
However, applicants that fall under the category of the SME Plus, would be eligible to receive a whooping sum of N10.1m – N25m.
The requirements for this category are related to that of the Households, as existing Enterprises would have to provide evidence of Business activities, that were affected by the pandemic.
With this noted, let us proceed to the requirements below;
- An Executed Guarantor Form.
- A valid means of Identification.
- The Loan Application Letter.
- The completed application forms.
- Your Bank Verification Number (BVN).
- Two recent Passport photographs
- And your current Utility Bill.
Also note that the Loan that would be granted to SMEs, would be determined based on the activities and cashflow of the beneficiary.
However, the grant would not exceed N25million.
Mini SMEs, and SME Plus Business Plan would be required as well.
Do not forget to describe how the Pandemic negatively affected your Business and Household.
How To Apply Online
Based on the categories that has been discussed in this article, we would provide you a link to apply for them online;
All of them would be achieved, with the NIRSAL Microfinance Bank.
If you have access to all the required documents that has been mentioned in this article, and you would like to become a beneficiary of the Covid-19 Loan Grant, then ensure that you apply as soon as possible.
And if you are faced with any kind of difficulty, do well to reach us via the comment section, as we would attend to you as quickly as we can.
James steller
mitrobe
Wisdom Anwana
Mitrobe Staff