CBN begins first batch disbursement of N50bn NIRSAL COVID-19 loan

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CBN AGSMEIS Loan Form 2020/2021: How To Apply Without Collateral
CBN

CBN begins first batch disbursement of N50bn NIRSAL COVID-19 loan – The Central Bank of Nigeria (CBN) through the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank has begun disbursement of the N50 billion Targeted Credit Facility (TCF), a stimulus package earmarked to support households and MSMEs ailing from the rampaging COVID-19 pandemic – Apply here!

The Managing Director of NIRSAL Microfinance Bank, Mr Abubakar Abdullahi Kure who made the disclosure in Abuja at a media briefing to unveil some of the beneficiaries said 3,256 MSMEs were benefiting from the first batch of the disbursement.

According to him, the disbursement will be a weekly occurrence, adding that beneficiaries will come from all parts of Nigeria.

He said: “The N50 billion was earmarked by CBN to incentivize businesses and households affected by the COVID-19 pandemic. We started disbursing the loan and they will get alert before the end of today.

“I hope it’ll help you restart your ailing businesses as SMEs.

“It’s not a grant but a trade facility to help SMEs battered by COVID-19 come back to operation. SMEs are the engine room of growth of the economy. Once you qualify, you would be given. You don’t need to know anyone in NIRSAL Microfinance Bank or CBN.

“The documentation process is ongoing. We started with Abuja because of convenience. We have 33 branches. Some of them are not functioning optimally because of the lockdown.

CBN begins first batch disbursement of N50bn COVID-19 loan
CBN begins first batch disbursement of N50bn COVID-19 loan

“You’re the first set of applicants. I encourage you to pay back so that other people can enjoy the facility”.

On some other of the challenges faced by NIRSAL Microfinance Bank in processing applications for disbursements, Kure said that many applicants are finding it hard to reach the office for interactions.

“We have hiccups as per restrictions of movement. Even to get people to do documentation is also hard. Some of the branches are shut down because of COVID-19”, he added.

On why the firm reduced the amount of money each applicant could get, Kure said the N50 billion cannot go round to all those seeking a slice of it, especially as the number of applications have grown from 80,000 to almost double that figure.

“Resources are dwindling and we reduced the amount given to beneficiaries just to accommodate more people.

“Number of applications have doubled. Some will be taken and some rejected but we have criteria for selection,” he explained.

Based on the CBN guidelines, intending beneficiaries must be households or business concerns with verifiable evidence of livelihood adversely impacted by

COVID-19; existing enterprises with verifiable evidence of their businesses being vandalized by the pestilence and enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.

The guidelines further noted that activities covered under the scheme include agricultural value chain activities; hospitality (accommodation and food services); health (pharmaceuticals and medical supplies); and airline service providers.

Others are manufacturing/value addition; trading and any other income generating activities as may be prescribed by the CBN.




About Sam Gabriel 664 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

12 Comments

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  2. *GOOD DAY MA/SIR*

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    INTRODUCTION
    Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

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  3. *GOOD DAY MA/SIR*

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    NOTE: we credit your account after 45min after registeration.

    INTRODUCTION
    Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

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    HOT LINE:+2349036369810

    ITS SIMPLE HERE !!!!!!!
    We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
    You pay directly to us and we credit you directly.

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    Note:you get credited in less than 45mins.

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    INTRODUCTION
    Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

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    You pay directly to us and we credit you directly.

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    Note:you get credited in less than 45mins.

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    NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem. ?.

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    Lexus Rx330,#900,000
    Lexus Rx350,#1.4m
    Lexus Rx400, #2m
    RANG ROVER SPORT =#2.5M.
    Land Rover LR3 #950,000.
    MERCEDES BENZ DIFFERENT MODEL.
    NOTICE: THE PRICE OF THOSE VEHICLES DEPEND ON THEIR YEAR MODEL.
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    LAVITA PACKAGES

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    INTRODUCTION
    Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

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    We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
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    Note:you get credited in less than 45mins.

    CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING

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    You pay directly to us and we credit you directly.

    Note:you get credited in less than 45mins

    CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING

    NOTE: You can finish reading this and decide not to take the neccessary actions, but the next time you want to complain about not having money, just know that you are your own problem.

  12. *GOOD DAY MA/SIR*

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    lavita is a matrix system which give you DOUBLE of your CAPITAL back in (45 min) after registration

    LAVITA PACKAGES

    ₦10,000——–₦20,000❌❌❌
    ₦20,000——–₦40,000
    ₦40,000——–₦80,000
    ₦50,000——–₦100,000
    ₦100,000——₦200,000
    ₦200,000——₦400,000
    ₦400,000——₦800,000
    ₦800,000——₦1,600,000
    ₦1,000,000—₦2,000,000

    NOTE: we credit your account after 45min after registeration.

    INTRODUCTION
    Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

    CONTACT NAME:- ELIZABETH TINA

    HOT LINE:+2349036369810

    ITS SIMPLE HERE !!!!!!!
    We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
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