CBN Extends Interest-Free Loan to Support Businesses and Households Affected by COVID-19

The Central Bank of Nigeria (CBN) has introduced an interest-free loan program for businesses and households that were impacted by the COVID-19 pandemic. This initiative is designed to help those whose trading capacities were affected during the pandemic, offering financial relief to enable recovery and sustainability.

This loan is available to Micro, Small, and Medium Enterprises (MSMEs) across various sectors, including hospitality, manufacturing, trades, and others. To be eligible, MSMEs must have at least five staff members and provide verifiable evidence of an active business.

The maximum loan limit for MSMEs under this program is ₦2,500,000, while households can apply for up to ₦1,000,000. The loan is designed to support those who need assistance to stabilize their business operations or recover from the adverse effects of the pandemic.

How to Apply
To apply for an interest-free loan, visit the official website: CBN COVID-19 Loan Application.

FAQs

Who is eligible to apply for the CBN interest-free loan?

Eligible applicants include Micro, Small, and Medium Enterprises (MSMEs) with at least five employees, as well as households. Applicants must demonstrate that their businesses or livelihoods were impacted by the COVID-19 pandemic.

What is the loan limit for MSMEs and households?

The loan limit for MSMEs is up to ₦2,500,000, while households can receive up to ₦1,000,000.

What sectors are covered by the CBN COVID-19 interest-free loan?

The program is open to businesses across sectors such as hospitality, manufacturing, trades, and other sectors that were affected by the pandemic.

How can I apply for the loan?

You can apply for the loan by visiting the official CBN loan portal at nibloans.nmfb.com.ng. Follow the instructions provided to submit your application.

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