Households, businesses can apply for N50bn COVID-19 loans – CBN

The Central Bank of Nigeria has said that households and businesses affected by the COVID-19 can now apply for loans under its 

N50bn Targeted Credit Facility.

 

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It said the stimulus package was to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic, adding that beneficiaries could access up to N25m.

 

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This was disclosed in a tweet on Monday by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending Microfinance Bank.

The NIRSAL microfinance bank stated that interested households and businesses could apply via link posted in the tweet.

 

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On the concept of the 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.

 

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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.