Central Bank of Nigeria disbursement of the first tranche of the CBN N50BN COVID-19 Fund Disbursement 2020 targeted credit facility would begin today being soonest. See here to know how to access this grant from CBN.
The CBN introduced the N50BN Loan targeted at Credit Facility as a stimulus package to support households and Micro, Small and Medium Enterprises affected by the Corona Virus (COVID-19) pandemic.
CBN N50BN COVID-19 Fund Disbursement 2020
The N50bn intervention is being financed from the Micro, Small and Medium Enterprises Development Fund. Mr Abubakar Kure is the Managing Director of NIRSAL Microfinance Bank, who also confirmed the development.
Mr. Kure, who did not provide the amount to be disbursed in the first tranche, said that those whose applications were successful would start receiving their fund on Thursday.
The Central Bank of Nigeria disbursement of the first tranche would hopefully commence by Thursday or Friday.
In terms of limit, the loan amount would be determined based on the activity, cash flow and industry size of beneficiary, subject to a maximum of N25m for SMEs.
CBN Loan for Households
Households can access a maximum of N3m while working capital would be a maximum of 25 per cent of the average of the previous three years’ annual turnover.
Based on the guidelines released by the Central Bank of Nigeria (CBN), those that can benefit from the fund are households with verifiable evidence of livelihood adversely impacted by COVID-19. Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic and enterprises with bankable plans.
According to the CBN guidelines, activities covered under the scheme include
- Agricultural value chain;
- Hospitality (accommodation and food services);
- Health (pharmaceuticals and medical supplies); and
- Airline service providers;
- Others are manufacturing/value addition; trading and any other income-generating activities as may be prescribed by CBN.
The fund, which is being managed by the NIRSAL Microfinance Bank, has received over 80,000 applications.
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