NMFB Covid-19 Loan Support Form (Full Guideline)

NMFB Covid-19 Loan Support Form (Full Giudeline)

If you are a business owner or is your business/household affected by lockdowns brought about by the lethal Covid19 pandemic? If your answer is ‘yes’, you can fill out an nmfb application form to apply for NMFB CBN COVID-19 loan.

You may also want to read How To Avoid Your NMFB COVID-19 TCF Loan Application From Returning Rejected

NIRSAL nmfb.com.ng Covid-19 Loan Application Form

The link to apply for the CBN NMFB Covid19 Support Loan is https://nmfb.com.ng/covid-19-support

However, due to the massive traffic to the application portal, the website goes off and on. At the moment the nmfb portal has gone off because it has reached its resource limit.

For those who have been trying to access the application form, but can’t because the website is temporarily unable to service your request, you are advised to check back later.

The nmfb application portal will be back again as soon as the portal is updated with a new resource. And you can access the portal at https://nmfb.com.ng/covid-19-support

You may also want to read How To Easily Access New CBN Non-Interest and Collateral-free Business Loan

About NIRSAL Covid-19 Loan Application

Access up-to N25 Million Targeted Credit Facility for COVID-19. 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 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 events, 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 a drop in global demand, declined consumer confidence, and a slowdown in production.

In this respect, 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.

Who Is Eligible for NIRSAL Covid-19 Loan?

• Households with verifiable evidence of livelihood adversely impacted by COVID-19
• Microenterprises: Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic
• SMEs: Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic

What is the interest rate?

The interest rate under the intervention is 5% p.a. (all-inclusive) up to 28th February 2021 and thereafter, the interest on the facility will revert to 9% p.a. (all-inclusive) from 1st March 2021.

How long is the 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 previous year’s turnover will suffice).

How It Works – NMFB Covid-19 Loan Support Form

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

We review your application and forward the application to the CBN for final approval.

STEP 3: Disbursement

CBN reviews applications and gives final approval for disbursement to NMFB

Apply now at https://nmfb.com.ng/covid-19-support Good Luck.