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
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.
- 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
- 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
How to Apply
To get started, click here to Apply