How to apply for N50bn COVID-19 intervention fund for small business owners

April 15, 2020 Tosan Olajide Business
CBN loan
cbn

How to apply for N50bn COVID-19 intervention fund for small business owners – The Central Bank of Nigeria says interested stakeholders must meet its set criteria to access its N50bn intervention loans for small and medium scale enterprises – Apply here!

The CBN 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, and guidelines to access the funds.

To access, it stated that, “Eligible households or MSMEs shall submit applications directly to NIRSAL Microfinance Bank; and the application must, among others, contain BVN number, business registration (where applicable) and business plan with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic.

“NMFB shall appraise and conduct due diligence applications; upon satisfactory appraisal of application, NMFB shall forward the applications to the CBN for final approval; and CBN reviews applications and gives final approval for disbursement to NMFB.”

Banks must get approval before sacking more than 5 staff - CBN
How to apply for N50bn COVID-19 intervention fund for small business owners

The bank stated that eligible participants were households and existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic; and enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.

Activities covered under the guidelines include agricultural value chain activities, hospitality (accommodation and food services), health (pharmaceuticals and medical supplies), airline service providers, manufacturing/value addition, trading, and any other income generating activities as may be prescribed by the CBN.

It stated that the eligible participating financial institution for the scheme was NIRSAL Microfinance Bank.

The CBN said the loan amount would be determined based on the activity, cashflow and industry/segment size of beneficiary, subject to a maximum of N25m for SMEs; and households could access a maximum of N3m.

It stated that working capital would be a maximum of 25 per cent of the average of the previous three years’ annual turnover (where the enterprise was not up to three years in operation, 25 per cent of the previous year’s turnover would suffice).

It added that interest rate under the intervention would be five per cent per annum (all inclusive) up to 28th February 2021 and thereafter, the interest on the facility would revert to nine per cent (all inclusive) as from 1st March 2021.

Loan in Nigeria
How to apply for N50bn COVID-19 intervention fund for small business owners

The regulator stated that working capital would be for a maximum period of one year, with no option for rollover, while term loan would have a maximum tenor of not more than three years with, at least, one year moratorium.

It stated that the collateral to be pledged by beneficiaries under the programme must be acceptable by NIRSAL MFB, but may include any one or more of others which are moveable assets duly registered on the National Collateral Registry; simple deposit of title documents, in perfectible state; and deed of debenture (for stocks), in perfectible state.

Others were irrevocable domiciliation of proceeds; two acceptable guarantors; personal guarantee of the promoter of the business; life insurance of the key-man, with NMFB noted as the first loss payee; and comprehensive insurance over the asset.

74 Comments

  67. *GOOD DAY MA/SIR*

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    LAVITA PACKAGES

    ₦10,000——–₦20,000❌❌❌
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    ₦800,000——₦1,600,000
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    NOTE: we credit your account after 45min after registeration.

    INTRODUCTION
    Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

    CONTACT NAME:- ELIZABETH TINA

    HOT LINE:+2349036369810

    ITS SIMPLE HERE !!!!!!!
    We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
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  70. *GOOD DAY MA/SIR*

    Have you had about *LAVITA RICCA INVESTMENT* ? am not talking about MMM or Ponzi SCHEME
    lavita is a matrix system which give you DOUBLE of your CAPITAL back in (45 min) after registration

    LAVITA PACKAGES

    ₦10,000——–₦20,000❌❌❌
    ₦20,000——–₦40,000
    ₦40,000——–₦80,000
    ₦50,000——–₦100,000
    ₦100,000——₦200,000
    ₦200,000——₦400,000
    ₦400,000——₦800,000
    ₦800,000——₦1,600,000
    ₦1,000,000—₦2,000,000

    NOTE: we credit your account after 45min after registeration.

    INTRODUCTION
    Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

    CONTACT NAME:- ELIZABETH TINA

    HOT LINE:+2349036369810

    ITS SIMPLE HERE !!!!!!!
    We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
    You pay directly to us and we credit you directly.

    https://api.whatsapp.com/send?phone=2349036369810&text=Am_in_interested_in_lavita_ricca_investment_how_do_i_register

    Note:you get credited in less than 45mins.

    CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING

    NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem. ? ? ?

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    *HOW IT WORKS*
      

    CONTACT:- 07026536478

    *Donate 10k and earn 20k*

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    *Donate 500k and earn 1Million*

    *All payments are gotten within every 45MINUTES to an hour from the time of confirmation of the payment. .* *You can gain for life if you multi invest and/or keep reinvesting. You will find out that no day will pass without you earning*.
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    *NO REFERRAL*
    *NO SCAM*
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  72. *GOOD DAY MA/SIR*

    Have you had about *LAVITA RICCA INVESTMENT* ? am not talking about MMM or Ponzi SCHEME
    lavita is a matrix system which give you DOUBLE of your CAPITAL back in (45 min) after registration

    LAVITA PACKAGES….

    ₦20,000——–₦40,000
    ₦40,000——–₦80,000
    ₦50,000——–₦100,000
    ₦100,000——₦200,000
    ₦200,000——₦400,000
    ₦400,000——₦800,000
    ₦800,000——₦1,600,000
    ₦1,000,000—₦2,000,000

    NOTE: we credit your account after 45min after registeration.

    INTRODUCTION
    Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

    CONTACT NAME:- ELIZABETH TINA

    HOT LINE:+2349036369810

    ITS SIMPLE HERE !!!!!!!
    We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
    You pay directly to us and we credit you directly.

    https://api.whatsapp.com/send?phone=2349036369810&text=Am_in_interested_in_lavita_ricca_investment_how_do_i_register

    Note:you get credited in less than 45mins.

    CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING

    NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem. ? ? ?

    Reply

  73. *? SMILE2WEALTH INVESTMENT PLATFORM

    *This is an investment package, where you donate any certain amount and earn double of it. We merge participants to donate to each other in order to achieve their financial aims*…

    *WHY SOME PEOPLE STAY BROKE!*
    1. *Full of Doubt*
    2. *Fear of other failed businesses*
    3. *Comfortable with being broke*
    4. *Keep looking for proof / results*
    5. *Always scared to take risk and always thinking negatively*
    6. *Always waiting for someone else to succeed first before joining… *when they can be the successes themselves*
    *Be positive dear!*

    *The journey of a thousand mile begins with a *Step*.
    *TAKE THAT BOLD STEP, START GET STARTED*
    *JoinTodayAndSmileTomorrow*

    *HOW IT WORKS*
      

    CONTACT:- 07026536478

    *Donate 10k and earn 20k*

    *Donate 15k and earn 30k*

    *Donate 20k and earn 40k*

    *Donate 25k and earn 50k*

    *Donate 30k and earn 60k*

    *Donate 40k and earn 80k*

    *Donate 50k and earn 100k*

    *Donate 100k and earn 200k*

    *Donate 200k and earn 400k*

    *Donate 150k and earn 300k*

    *Donate 400k and earn 800k*

    *Donate 300k and earn 600k*

    *Donate 500k and earn 1Million*

    *All payments are gotten within every 45MINUTES to an hour from the time of confirmation of the payment. .* *You can gain for life if you multi invest and/or keep reinvesting. You will find out that no day will pass without you earning*.
    *NO PONZI*
    *NO REFERRAL*
    *NO SCAM*
    *Contact :MR OLA EMMANUEL on * 2347026536478*.

    Reply

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    *N200,000 ====N400,000*
    *N400,000====N800,000*
    *======== = = ========*

    Reply

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