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The CBN N50 billion Targeted Credit Facility (TCF) has generated a number of buzz around the country as they are set to pay the first batch of successful applicants.

However, people are yet to understand the easiest ways to go about the registration and application for the loan, credits to Nairametrics.

There are two modalities here to consider. According to the CBN’s circular issued on March 23, 2020, the modalities apply to either Households/MSMEs or Corporate entity.

For Households/MSMEs,

  • The first step is for an eligible household to submit an application to NIRSAL MFB, which must, among others, contain BVN number, business registration (where applicable) and business plan with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic
  • NMFB shall appraise and conduct due diligence applications
  • Upon satisfactory appraisal of application, NMFB shall forward the applications to the CBN for final approval,
  • Then, CBN reviews applications and gives final approval for disbursement to NMFB.

Thus, applicants must endeavor to provide the documents listed above which are mostly basic. If you do not know how to write a business plan, you can get someone to help you with it.

For corporate entities

  • Like their MSMEs counterparts, applications are submitted to NMFB with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic.
  • Also, NMFB shall appraise and conduct due diligence applications,
  • After a satisfactory appraisal of the application, NMFB shall forward the applications to the CBN for final approval.
  • CBN reviews applications and gives final approval for disbursement to NMFB.

Click here to apply.

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