CBN Opens Covid-19 New Round of N25 million stimulus package [Apply]

CBN Opens Covid-19 New Round of N25 million stimulus package [Apply]

The Central Bank of Nigeria has reopened the Targeted Credit Facility portal for fresh applications. It was announced via a tweet. You can apply here. 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) as from 1st March 2021. 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, one-year moratorium.

Households: Can access a maximum of N3 million

Loan amount to SMEs shall be determined based on the activity, cashflow and industry/segment size of 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).

 

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3 thoughts on “CBN Opens Covid-19 New Round of N25 million stimulus package [Apply]

  1. Sir, can you please help give update on USA or any European schools (University) that offer scholarships for first degree and master programs.
    Thanks for the information on the CBN credit facility

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