The Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank (MFB) is offering access to a targeted credit facility for COVID-19, up to N25 million.
The Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.
In a statement published on its website NIRSAL MFB said those eligible to access the facility 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 to take advantage of opportunities arising from the COVID-19 pandemic.
The Coronavirus Disease (COVID-19) pandemic has led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment event, lockdown of large swaths movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world.
These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.
Consequently, the Central Bank of Nigeria (CBN) introduces a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.
The bank calls for submission of applications with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic.
The CBN would review applications and gives final approval for disbursement to NMFB, the statement indicated.
Hope Moses-Ashike
