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How to Access the N50Billion CBN COVID-19 Loan

N50Billion CBN COVID-19 Loan for Households and SME Businesses. As part of the measure to reduce the impact of COVID-19 pandemic on businesses in Nigeria, the Federal government of Nigeria through the Central Bank of Nigeria (CBN) have introduced COVID-19 intervention loans for Households, SME and MSME.

The Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation

N50Billion CBN AGSMEIS Loan

The COVID-19 Support fund will be distributed by NIRSAL Microfinance Bank and come with an Interest rate under the intervention is 5% P.A. (all-inclusive) up to 28th February 2021 and thereafter, the interest will revert to 9% P.A. (all-inclusive) as from 1st March 2021,

Step by Step to Apply and How it works

Follow the steps below for detailed guidelines on how to apply;

Step 1 – You Get Trained

Attend a compulsory training with a CBN certified Entrepreneurship Development Center (EDC).

Step 2 – You Apply For the Loan

The Entrepreneurship Development Institute (EDI) guides and assists you in getting all necessary documents required to secure the loan

Step 3 – You Receive Funds

Loans are paid into the account of beneficiaries. Unqualified candidates are given feedback.

Step 4 – Get Business Support Services

The Entrepreneurship Development Institute assists you to implement a business plan and provide business support services commercially.

Step 5 – Make Sales

Sell products and services to pay back the loan and make a profit.

Step 6 – Repay Loan

Run your business, keep proper records, monitor sales, and expenses to maximize profit, and pay back the loan.

Note:

  • This loan scheme does not require a collateral.
  • This loan scheme is designed to be easily accessible. The entire process is automated. From application submission to disbursement takes six(6) to eight(8) weeks.
  • Disbursement has started and has disbursed over N25B and this is still ongoing.
N50Billion CBN COVID-19 Loan Eligibility Criteria:
  • Be a Nigerian citizen
  • Own/operate Household or SME Business or Enterprise
  • Would like a 1M – 10M Naira one digit loan facility

Requirement:

  • Loan application letter
  • Duly completed application form
  • Duly executed Guarantor form
  • A valid means of ID (national ID, driver’s license, voter’s card or international passport)
  • Current utility bill
  • 2 recent passport-size photographs
  • BVN

How to Apply

To get started, click here to Apply

Click Here for More Information about the Loan

See:

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