ABEOKUTA: The outcome of the COVID-19 pandemic has had severe consequences on the livelihood of households and business activities IN Nigeria, in particular, resulting from a drop in global demand, decline in consumer confidence and slowdown in production.
Against this backdrop, the Central Bank of Nigeria (CBN) has introduced the N50billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.
According to a press release made available to StarTrend Int’l magazine & www.startrendinternational.com, applicants under this scheme will be able to access as high as 25million Naira (₦25,000,000.00) with an interest rate of 9% repayable within a maximum period of 36 months.
The loan is as follows;
▪Household Loan Package
Mini Micro: N100,000.00 – N500,000.00
Micro: N500,000.00 – N1.5m
Micro Plus: N1.5m – 3m
N3m – 25m
The statement further stated that, “Ogun State Government is calling on qualified applicants who have applied on the CBN portal (https://nmfb.com.ng/covid-19-support/) in the following categories to carefully fill this form: https://forms.gle/qQmuGD9Luzm418e19
“The applications would be collated every Friday for the next 4 weeks. It would be treated on a first-come, first-served basis.”