Last Updated on March 22, 2021 by Ope Quadri
The official portal for the Central Bank of Nigeria (CBN) COVID-19 targeted credit facility application has reopened for fresh applications.
In this post, we’ll share with you the simplest way to submit your application for the COVID-19 credit facility, if your first application wasn’t successful.
Who the loan is designed for
The credit facility is designed for the Agri-Business and Small and Medium Enterprise across the country.
It is an Investment Scheme that is an initiative to support small businesses across Nigeria ably supported by the Federal Government.
The EDI will guide you through the loan application process and ensure that all your documents are complete.
Functional Training Areas for EDI under AGSMEIS include:
- Fashion and Dressmaking
- Catering & Event Management
- Courier & Delivery Services
- Agriculture & Agro-allied processing
- Art & Entertainment
- Automobile Services
- Creative Industry
- Animal Husbandry
- Cosmetics, Beauty and Makeup Artistry
- Electrical and Electronics
- POP and Tiling
- Health Services
- MasonryApparels and Textiles
- Cottage Industry
- Welding & Fabrication
How to apply for CBN COVID-19 Credit Facility (SME)
Here is the step-by-step guide on how to submit your application on the portal hassle-free
Step 1: Attend compulsory training with a CBN certified Entrepreneurship Development Center (EDC) to get trained.
Step 2: The EDI guides and assists you in getting all necessary documents required to secure the CBN loan
Step 3: Loans are paid into your account if your application is successful.
Step 4: EDI gives you business support services, the institute will assist you to implement a business plan.
Step 5: Begin to sell products and services to pay back the loan and make a profit.
Step 6: Manage your business, ensure that you keep proper records, monitor sales and expenses to maximize profit
Step 7: Payback the loan.
The above guide is for those who are applying under the SME category, as such, kindly use this COVID-19 SME link>>>nmfbloans.nmfb.com.ng/covid19tcfsme
If your business isn’t registered with the CAC, you can apply under the household category. Simply fill in your details and your business and how much you need to support your business.
Ready to apply? Begin your application on NIRSAL Microfinance Bank HERE