The Central Bank of Nigeria has reiterated its call for households and businesses affected by the COVID-19 to apply for loans under its N50 billion Targeted Credit Facility.
The apex bank said the stimulus package was to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic.
Under the programme, households or SMEs could access up to N25m.
MSN had earlier reported that the CBN opened the portal for applications a few weeks ago. Read the report here.
The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending Microfinance Bank CBN again on Monday (April 12) sent out a tweet to sensitize the public to the programme.
The NIRSAL microfinance bank included in the tweet, the link for interested households and businesses to apply.
Explaining the concept of the Targeted Credit Facility (TCF), the bank explained that the COVID-19 pandemic had led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, among others.
It said these outcomes had had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.
For criteria and to apply, click here.
