NIRSAL Microfinance Covid19 Loan 2023 Registration for Households and MSMEs in Nigeria & How to Apply

Apply now for NIRSAL Microfinance Covid19 Loan 2023 Registration for Households and MSMEs in Nigeria. NIRSAL Microfinance covid19 loan for households and Micro, Small, and Medium Enterprises (MSMEs) in Nigeria is a stimulus package to support them, especially those whose economic activities have been significantly disrupted by the COVID-19 pandemic.

The Coronavirus Disease (COVID-19) pandemic has led to unprecedented disruptions to global supply chains, a sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment events, lockdown of large swaths of 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 a drop in global demand, declined consumer confidence, and a slowdown in production.

Who Can Apply for NIRSAL Microfinance Covid19 Loan 2023 Registration?

• Households with verifiable evidence of livelihood adversely impacted by
  COVID-19; and
• Existing enterprises (MSMEs) with verifiable evidence of business activities
  adversely affected as a result of the COVID-19 pandemic.
• Enterprises with bankable plans to take advantage of opportunities
  arising from the COVID-19 pandemic.

Activities Covered

Eligible activities under the Scheme include:

• Agricultural value chain activities
• Hospitality (accommodation and food services)
• Health (pharmaceuticals and medical supplies)
• Airline service providers
• Manufacturing/value addition
• Trading
• Any other income-generating activities as may be prescribed by the CBN.

How to Apply for NIRSAL Microfinance Covid19 Loan 2023 for Nigerians Online

The N50 billion Targeted Credit Facility (TCF) by the Central Bank of Nigeria (CBN) is disbursed through the NIRSAL Microfinance Bank (NMFB) and below is how it works :

STEP 1: Submit An Application
The process is easy. You can begin on your phone, your tablet, or your laptop.

Submit applications directly to NIRSAL Microfinance Bank (NMFB) with clear evidence of the opportunity or adverse impact as a result of the COVID-19 pandemic.

STEP 2: Approval
NIRSAL Microfinance Bank reviews your NIRSAL Microfinance covid19 loan application and forwards the application to the CBN for final approval.

STEP 3: Disbursement
CBN reviews applications and gives final approval for disbursement to NMFB

How To Submit Application Forms for 2023 NIRSAL Microfinance Covid19 Loan in Nigeria

• For NIRSAL Microfinance Covid19 Loan 2023 Registration, interested applicants should kindly visit: https://nmfb.com.ng/covid-19-support/
• Click the “Apply Now” button under the category you want to apply for.
• Right there, you can also download the NIRSAL guarantor’s form for the NIRSAL Microfinance covid19 loan.

What is the interest rate of 2023 NIRSAL Microfinance covid19 loan?

The interest rate under the intervention is 5% p.a. (all inclusive) up to 28th February 2023 and after that, the interest on the facility will revert to 9% p.a. (all inclusive) as from 1st March 2023.

How long is the NIRSAL Microfinance Covid19 loan for?

Working capital will be for a maximum period of one year, with no option for rollover. Term loans have a maximum tenor of not more than 3 years with, at least, a one-year moratorium.

How much can I access?

Households: Can access a maximum of N3 million
Loan amount to SMEs shall be determined based on the activity, cash flow, and industry/segment size of the beneficiary, subject to a maximum of N25 million.

Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover. (where the enterprise is not up to 3 years in operation, 25% of the last year’s turnover will suffice).

For more info including the collateral requirements for the NIRSAL Microfinance covid19 loan, you can check out the circular published by CBN that contains the guidelines for the implementation of the N50 billion Targeted Credit Facility (TCF) disbursed through the NIRSAL Microfinance Bank (NMFB).