How SMEs in Nigeria can Access the CBN COVID-19 Intervention Fund
By now you must have heard about the CBN COVID-19 Intervention Fund. It’s been all over the news and on social media. The CBN is making N50 billion Targeted Credit Facility available to SMEs and households hit by COVID-19.
Evidently, the new coronavirus has hit all businesses and crippled several SMEs worldwide. This is largely because of the reduction in the demand for products and services and hindered production.
It is clear that SMEs in Nigeria need help and the CBN has come to your aid. However, many business owners don’t have the slightest clue on how to access these funds. If you fall into this category, this post was written for you.
Why the CBN COVID-19 Intervention Fund?
Before the CBN made this announcement via its circular, many Nigerians had begun clamoring for Government support. This is because of the crippling effects of the virus on individuals and SMEs in the country.
It is no news that there are over 41.5 million registered MSMEs in Nigeria. This number could easily be higher if you consider the ones not registered. To cushion the effects of the new coronavirus, the CBN announced its targeted credit facility. This facility will provide support to different sectors including SMEs.
As a result, such businesses that have suffered setbacks resulting from the pandemic can get back on their feet. They’ll access funds to purchase new equipment, increase production, and improve research and development.
Who can benefit from the CBN COVID-19 Intervention Fund?
When the CBN released its circular, it provided a list of participants that will be eligible for the TCF. Check out the list below:
a. Households who have proof that the pandemic had affected their means of livelihood.
b. SMEs in Nigeria with evidence that the pandemic crippled their business operations.
c. Agricultural value chains.
d. Hospitality industry.
e. Airline service providers.
f. Health (medical supplies and pharmaceuticals)
g. Manufacturing and value addition.
h. Trading and any other activity that generates income as described by the CBN.
What is the Source of the Targeted Credit Facility?
This scheme will receive funds from the Micro, Small, and Medium Enterprises Development Fund (MSMEDF). As a result, NIRSAL Microfinance Bank (NMFB) is the eligible financial institution to handle the funds.
What this means is that the CBN will administer these funds via the NFMB. Therefore, applicants have to submit their application through this bank to be considered for the loan.
Accessing the CBN COVID-19 Intervention Fund
To make the process of application and disbursement more organized, the CBN has split the modalities of the process. They now apply to SMEs and Households or Corporate Entities. Let’s take a brief look at both below:
SMEs and Households
a. Submission of loan application to NFMB. This must contain business registration details and business plans (where applicable), BVN numbers, and clear evidence of the effect of the pandemic on the business.
b. NFMB appraises the application and conducts due diligence.
c. NFMB forwards the application to the CBN upon satisfactory appraisal.
d. CBN reviews the application and provides a final verdict for loan disbursement.
Corporate Entities
It is the same process for Corporate Entities, however, applicants may have a few issues with the NFMB regarding communication gaps. Nevertheless, the process shouldn’t be cumbersome. You can begin your application here.
Loan Terms
It is important to find about loan terms before applying for any loan. In this section, we will discuss the loan terms of the CBN COVID-19 Intervention Fund for SMEs in Nigeria.
Limit
The CBN measures limits based on certain criteria. As a result, not everyone will get the same amount. Let’s look at the criteria for SMEs.
The amount an SME can access is a function of the business activities or operations, segment/industry size, and cash flow. However, SMEs can get up to N25 million. Households only have access to at most N3 million.
Interest Rate
According to its circular, the CBN states that the interest rate for the first year, until February 28, 2021, will be 5% per annum. This rate is all-inclusive however, it will revert to the regular 9% for government loans from March 1, 2021.
Loan Tenor
The guideline for the CBN COVID-19 Intervention Fund states that working capital has a maximum of a one-year tenor. There is no roll-over option for this loan. On the other hand, the term loan extends to 3-years maximum. This loan has a moratorium period of 1-year, at least.
Collateral Requirements
This is another important aspect SMEs in Nigeria should consider before submitting the loan application. According to the guidelines, these are the classes of collateral that may be acceptable by the NFMB.
a. Moveable assets registered with the National Collateral Registry.
b. Title documents in their perfect state.
c. Domiciliation of proceeds (irrevocable).
d. Two Guarantors along with a personal guarantee of the business promoter.
e. Life assurance policy of the First Loss Payee (key man).
f. Comprehensive insurance over submitted assets.
Stakeholders’ Responsibilities
Now that you know the role you’ll play in accessing the CBN COVID-19 Intervention Fund, let’s ee the role of other stakeholders. The two main stakeholders asides SMEs in Nigeria are the CBN and the NFMB.
CBN
a. Provides seed fund.
b. Releases funds to NFMB for disbursement.
c. Reviews guidelines where necessary.
d. Receives and processes returns from NFMB.
e. Monitors and evaluates the implementation of the scheme.
NFMB
a. Validates BVN and other documents of all applicants.
b. Processes and disburses funds to successful beneficiaries.
c. Safeguards records of all the disbursements and beneficiaries.
d. Processes and forwards returns to the CBN.
e. Complies with guidelines of the scheme.
f. Handle any other duties prescribed by the CBN.
Exit Date
This intervention will cease to exist on December 31, 2024. However, the CBN reserves the rights to review this framework as it deems necessary.
Conclusion
The CBN COVID-19 Intervention Fund is one of the greatest things to happen to SMEs in Nigeria. Now that you know how to access these funds, you should take advantage of the offer for your business. If you have any questions, you can drop them in the comments section, we’d be glad to help.
Usman Yakubu
Please I applied for the covid19 loan two weeks ago and yet to receive approval message from them. What is my fate now?
July 2, 2020Shittu Mariam Adedolapo
Please I applied for covid 19 loan for over a month now but have not received any response or disbursement, please I need update on when loan will be disbursed
July 7, 2020Aiyeniko Ayodele Sunday
Good day please I have apply for the covid-19 Tcf loan about two weeks ago though have received a message in my email but how long I’m I expecting d loan disbursement.
July 3, 2020Emmanuel
Please I want to join but it has not been going
July 3, 2020Danmadami
plz how many days I can see my alarm
July 3, 2020ปั้มไลค์
Like!! Great article post.Really thank you! Really Cool.
July 4, 2020Sabiu
Please l appilel for the covin-19 loan two million about weeks ago thaugh have received a message in my Gmail but how long I’m I expecting loan disbursement.
July 4, 2020Temitope
When will the pay back start? As the pandemic is still in existence and business is still not very good n not picking up at all in some areas.
July 5, 2020Can the CBN leave the loan for SMS to start paying back as soon as the pandemic is over
Mohammed
Sir how long is the period of the loan before the disbursement ?
July 5, 2020Helen ujie
Good morning, pls I want to know if anything can be done for those of us that want to apply and the application process is already over. I really need this loan too
July 6, 2020Surajo Abdullah
I applied for covod19 loan 2 months ago.when ever i check your portal you says my bvn does not exist what is my stand?
August 15, 2020Fatima
I have applied covid 19 supposed loan for three weeks now I did not get a response pls what is my Faith
July 6, 2020Enoch victor
I applied for the household and my loan as long been approved since on the 9th of June. I have done all that l was ask to do online but up till now l have not gotten alert Enoch victor 6170705506 fidelity bank. From port harcourt
July 6, 2020Isah Elijah
Good evening sir/ma, can this application be submitted through hard copy?
August 19, 2020Okemini Monday
My question is this….. how long will it take for someone to receive alert after applying for the loan am okemini Monday i apply from Ebonyi state since March and i have never received any answer till now pls assist me.
July 7, 2020Ike eugenia uzoamaka
My nirsal account i opened in Onitsha branch was credited on 5the June, is over a month i filled transfer form yet they have not transfer my money to my commercial account. Saying they will get approval from CBN before they transfer it. Is over a month now. Ike eugenia uzoamaka.
July 8, 2020BABANGIDA SULEIMAN
Good morning sir”iapply for the covid 19 loan ,getting to (3 weeks ) but up to now ihave no received my fund
July 9, 2020Mirabel Mba
I have been approved of the CBN loan since June and I have dropped the necessary details but I am yet to receive the credit alert,my question is when am I to expect the disbursement or there is no hope .
July 9, 2020Iniobong Thompson
Good morning Sir, I applied for the covid 19 loan with my company name since June 8 and submitted it successfully completed, up till now I have not received any alert. Please what can I do next?
July 11, 2020Olayinka
Please I want to apply for the loan but isn’t opening, what can I do,I really need the money
July 13, 2020Nwakaego Obi
I am Nwakaego Obi, I ve been trying to apply for this covid 19 loan but it is not going, pls help I need this loan seriously for household.
July 31, 2020Abumere Wisdom Grace
I wish to confirm when the next disbursement of cash will be . I have applied about three weeks ago
July 13, 2020Ogochukwu Akioyamen
Please I want to apply for a loan
July 15, 2020Ogochukwu Akioyamen
How can I apply for a loan
July 15, 2020Baba jeje
I equally applied the convid-19 loan since last two month, but not the arrangement was agreed upon the process of disbursement. My BVN Is 22247282933. Pls how may i know the my faith pls.
July 17, 2020Aminu yusuf
Your Comment I apply covid 19 loan since April but till now i never received an alart
July 17, 2020Amina
Please are they still disbursing for the covid/19 loan or its closed because i have applied for more than a month and have received an email but still not received an approval message?
July 18, 2020Asikaogu livina Ijeoma
Please i appliedfor the loan since 3 weeks now and no reply what do i do
July 20, 2020Jordan Danladi
When will this loan be disbursed I applied over a month now nothing
July 20, 2020okueso adewale
I was sent a message to Supply my account details which I do,but since then the money was not sent to my account.
July 21, 2020Afuwape Aminat Akorede
Please I apply for covid 19 SMEs loan since May, am yet to be approved, please kindly help me look into it, because the amount I apply for in not much at all
July 21, 2020Thanks.
Daniel
Please how will repayments be done. Will they debit from beneficiaries account?
July 22, 2020Laninhun Oluwaseun
Hello I applied since June 12 but have not getting any response yet. What do I need to do? Thank you.
July 23, 2020Patricia
I applied for the Covid 19 loan since 2 months now, after submitting all necessary documents as requested, my loan is yet to be approved. My name is Patricia.
July 24, 2020Bassey Sunday
Please how can I apply
July 24, 2020Hamza saleh
Good morning sir i appplied the loan morethan 5 five week up to now i did not get any response pls sir i need your helf thank you
July 25, 2020Patience Bassey
I applied for the loan. The loan was approved since first week of June. I got a message with a link asking me to input the account number i want the fund to be transferred into which I did. Then I was told my account will be credited within the next 48 hours but since that 17th my account has not been credited. I kept calling their lines but no help since then.
July 25, 2020Paul olayiwola
I applied for covid-19 support since June 8 2020 up till today no response than Nmfb said they will get back to me soonest on the same day , please sir help me out Sir
August 1, 2020Nongo Iveren Milcah
I want to know if this scheme is still ongoing,I submitted my application for close to 2months now,no reply,are we still going to be considered? We’re waiting hopelessly, our business have all gone down completely.
August 14, 2020HAFSID PUBLISHERS LTD
I applied for yhe lian and was replied as follows;

Targeted Credit Facility (TCF) — SME Loan Application Form..
Thanks!
Your application has been submitted successfully. This is an automated response to inform you that we have received your application. The application is being reviewed and we will get back to you within the shortest possible time. In the meantime, kindly visit our website to learn more about COVID-19 Targeted Credit Facility https://nmfb.com.ng/covid-19-support/ Thank you, From NIRSAL Microfinance Team
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July 29, 2020David Obasi
Please Sir how can I apply for the loan?
July 30, 2020Koko Nyananyo
I applied for the covid-19 loan and have received approval SMS from NMFB on 27/7/2020 but on entering my Bvn the response was, my Loan has not been approved yet, check back later. Please what is the my fate?
July 31, 2020Koko Nyananyo
I applied for the loan and received this message on 27/7/2020 but on entering my Bvn on the link, it displayed my loan has not been approved yet. Please what is my fate
July 31, 2020Dearlicant,
Your COVID-19 Loan application is approved. Click on the link https://covid19.nmfb.com.ng to accept offer and receive the fund in your account.
Sodimu tajudeen aremu
Dear sir, I applied for house hold covid 19 at nirsal micro finance bank since month of June.
August 4, 2020I have not heard anything from your office, having confirmed that my application was successful and get back to me through your automated machine.
I shall be very grateful if my request is favourably attended to.
Thanks
ivang ibin oham
ivang ibin oham i have apply for the covit 19 loan but since no message yet or alret and i have not been credited please help me out
August 5, 2020Ikwo Uyah
Good afternoon sir/mma, please I applied for Household and sme covid-19 loan on the 24th/ 28th June and my husband too, the application was submitted successfully, since then we’ve not heard or received any response or information, please I really need the loan to enable me get something doing to assist my father and my siblings, I will be very grateful thanks and remain blessed. Eagerly waiting for your response please.
August 7, 2020Garba ibrahim
I applied for the loan after putting all the neccensary requered information but still i did not recieve an approval from your office pls kindly assist me as an autamated respond has been recieve aftermy applications through my email thank and i hope you can use your good office and highly respected position to consider my request.
August 8, 2020Engr Innocent Okoli
I just received my approval message today as indicated below:
August 11, 2020Dear Applicant,
Your COVID-19 SME Loan application is approved. Click on the link https://covid19.nmfb.com.ng to accept offer and receive the fund in your account.
I get scared by the request of my bvn as it’s a sensitive information. This makes me to think it’s a scam. Should I go ahead to accept as required and fill up my bvn.
abubakar bellow
am a pharmacy owner with very low capital, thats why i am looking for loan from the cbn to upgrade my business
August 12, 2020Pere Gloria Sukisa
Good morning Sir/Ma’am, I applied for covid19loan SME on the 14 of May under agro value chains and submitted all the requirements and i got approval message that very moment. On the 11 of August i received text message from NMFB that my covid19 loam as been approved that i should click on the link to accept offer and receive the fund in my bank and I did, what I saw was #90,000 to my greatest surprise, I was automatically fixt into household that i did not apply for. Pls I did not apply for household. HOUSEHOLD DID NOT NEED COLLATERA, I provided all the requirements of SME. So pls give me what i applied for .
August 13, 2020I DONT NEED THE #90.000. THANKS
Stella Uwuma Elese
My application was successful and I have validated my bvn and account number for about 6days now I have not received money in my account
August 16, 2020ELECHI MMADUABUCHI E.
This offer is it stil on going now. I have an interest
August 18, 2020Ajiboye Ayodele
Please,I have apply for COVID-19 loan on June 30th,since that time no message received apart from my loan form confirmation.Thanks
September 3, 2020Yahya Yusuf
I’m really appreciate with federal government and and the effort of Mr President and CBN thanks.
September 4, 2020yahya yusuf
Really appreciate
September 4, 2020Okekayode Ayobami j
I received my alert ooo
September 6, 2020Babatunde Abdulwaheed bolaji
Pls how do validate my bvn in other to know if am one beneficiaries…
September 6, 2020garba abdullsalam muhbmmade
ABC
September 12, 2020Alechenu vivian
My application was successful and I have validated my bvn and account number for about 6days now I have not received money in my account.whats my fate?
September 14, 2020Yahaya habibu
I apply June 13
September 14, 20202079231945
08035653080
Please help.
Adam lawal bako
i Adam lawaal bako i need to get capital to in pruve my business are phones seller with farming and riaring,i need the loan for the CBN thanks alot God bless our country God bless us.
October 27, 2020Patience
Good day sir may God bless you all for this wonderful work your doing i really appreciate.please sir am interested please how can l participate and what does it take please I will be greatfull if you can approve me . Thanks God bless you all.
October 29, 2020SANI MUHAMMAD
Good day sir and all in the peaple and i greating you please helf us to approval we are wating
November 12, 2020Ayoola
I do mistake for d place that I suppose put my bank name…is my name that I put there and am try to login to do the correction but is not open again…pls help me hope is not going to delay my disbursement. But I put my account number …pls help me
November 16, 2020Ben Uche
I applied for households micro plus, till date l have not heard from you.
November 17, 2020Mohammed modu
I equally applied the convid-19 loan since last six month, but not the arrangement was agreed upon the process of disbursement. 22386549458. Pls how may i know the my faith pls.
November 17, 2020Dantsabta Jimmy
Sir I have apply for the the loan I also fill my information for over a week and 3 days but my account was not credited
November 18, 2020Dantsabta Jimmy
I also put my name where I should have put my bank name what can I do please help me
November 18, 2020Okoro Chidiebere
May God bless you all on effort to make a better Nigeria. I (Okoro Chidiebere) applied for covid-19 loan since June,2020. But letter of approval has never been sent to me. Why?
November 18, 2020Steve Edward
I applied for covid 19 household loan since early June and till date I have not received any information yet
November 18, 2020Sanusi Suleiman
Good day, please the covid19 loan I applied for was granted to me with the sum of 150, 000 instead of 500,000 I applied for. Please do increase the amount for me thanks.
November 19, 2020Sani Bello
Allah mukeroko yazama gatanmu Allah kasa munadarabo mai albarka
November 19, 2020Lawal Ope
Please how do i applied as have been trying it n nog getting the portal. Can someone help with the direct link please.
November 20, 2020Aliyu umar
Dear my respect college l have appley for covid19 since over four months l not get any disbursements still l needs your assistance about that thanks you very morch
November 20, 2020TIMO-GEES VENTURES
Pls could give me the information database to get the loan form filled,I mean the covid-19
November 20, 2020oppicial a umar
Hi i applied for tcf sinse month ago but i did not get any response yet
November 20, 2020Adebisi Agnes ademola
Hello there, how is work, please how can I accept the offer.
November 20, 2020Ademola Agnes adebisi
I accept the offer please.thank you.
November 20, 2020Bola
A message of approval has being sent to my dad for the covid19 loan. But the message says he should enter a link sent to him so as to accept the offer and the money would be sent to him. Opening the link now, there’s no place to click to accept the offer
November 20, 2020Chidimma Basil Chukwu
I received a message saying your covid 19 loan has been approved
November 20, 2020But when i the portal it is showing me invalid BVN
Oladokun Olajoju Lola
Pls help me, I mistakenly deleted the message sent without clicking on the web sent. Please what do I need to do to access the loan.
November 20, 2020Shafiu khamis abdullahi
I have receive the the approved messege since Thursday and I click on it and successfuly enter my account number but up to now I haven’t receive the fund pls I want to know if there’s any problem thanks
November 21, 2020Shafiu khamis abdullahi
I mean Thursday 19 November 2020
November 21, 2020Toochukwujuliet
Pls is NMFB actually sending a message like this to successful applicants…Dear applicant,your covid19 Loan application is approved. Clickon the link https://covid19.nmfb.com.ng to accept offer and receive the fund in your account.
November 21, 2020Adelowo Grace
Please help me sir, I want to apply.
November 21, 2020blessing igben
sir I have been approved but I have not been credited y d delay
November 22, 2020Tijani Ahmed Ibrahim
I apply for covid 19 loan since June l not get any disbursement still l needs your assistance about that thanks you so much
November 22, 2020Tijani Ahmed Ibrahim
I apply for covid 19 loan since June l not get any disbursement still l needs your assistance to help me please
November 22, 2020Innocent Inusa
Which site can I apply for the loan
November 22, 2020Audu Haruna
Your Comment, peace the up young our all friends
November 23, 2020I thank God with glory,I a’m waiting to this loan covid 19.
Ismail hamza
Pls.help me register
November 23, 2020Shurabil Mohammed
Dear my respect college l have appley for covid19 since over four months l not get any disbursements still l needs your assistance about that thanks you very morch
November 23, 2020Arayi Bosede Morenikeji
I applied with my bvn but it responding that the bvn detail is not available
November 23, 2020Bomadum Gum Gospel
Good day sir/ Madam,I appreciate the Federal Government effort in reducing the plights the Covid-19 outbreak inflict on our beloved Country, Nigeria and her citizenries by giving rolling out this loan for the public.Pls I would advise that the disbursement of the fund should not be further delayed as many who have successfully completed their registrations are hoping to get their alert.Thanks.
November 23, 2020Adewale
I want to apply, but , I don’t know whether the form is close or not
November 24, 2020star
I apply for covid 19 loan since June l not get any disbursement still l needs your assistance about that thanks you so much
November 24, 2020Akogboin
My name is Akogboin Edith I applied for the loan and afterwards I got an approval sms to log in and accept the offer but on the process and error occurred and I am unable to access the site each time I try it shows I have submitted it previously please what is my fate?
November 25, 2020Segun
I received msg from them that my loan is approved but am yet to receive alert.
November 25, 2020Ohiare Raliat Ozavize
Good morning.
November 25, 2020I’m Ohiare Raliat O, i have validated my bvn and input my bank details but, haven’t credited yet.
Thank yiu
Mustapha
Good evening my brother has received the loan and accepted it but mistakenly he put account name instead of bank name pls it’s any way out he didn’t receive the alert
November 25, 2020Abubakar
Pls. I need the money . am waiting
November 26, 2020Ray Frankly
I recieved message saying my load has been approved so how long more will it take for me to get the fund in my account. I have filled in all was required of me
November 26, 2020Balarabe Mohammed
Dear sir l applied for household covid 19 at nisal micro finance bank sice four months ago lhave not heard anything four your office having confirmed that my application was successful and get back through your augmented machine athishall be very grateful ifmy reguast thanks
November 26, 2020Udokang Mkponke Joseph
I applied for the covid19 loan since june, but when I enter my BVN, am told it does not exist. Please when will my own BVN exist?
November 28, 2020Thanks in anticipation
Abdulazeez Suleiman
I applied with my bvn but it’s responding that your bvn is not exist i don’t know how
November 28, 2020Abdullahi Bitrus Gokaru
I’ve applied for the MSMEs a number was given to me but up to now i haven’t received any mail from any source to know how i will go about it
November 29, 2020SULAIMAN hamza
Dear nirsal management I have receive approval letter for covid 19 loan since last month I have already sent my account number $v b n number
December 3, 2020And also the one that received at onetime or ready revieve they so what happen of mine
SULAIMAN hamza
Dear nirsal management I have receive approval letter for covid 19 loan since last month I have already sent my account number $v b n number
December 3, 2020And also the one that received at onetime or ready revieve they so what happen of mine
Damilola
Have been approved for over a week now without any disbursement, pls what’s going on with that
December 4, 2020Mohammed Kabir Garba
I applied since July, 2020 and yet no reply
December 5, 2020Ernest
I have accepted the offer since three weeks ago, but still I didn’t receive any alert
December 9, 2020Ernest
But mine is household
December 9, 2020Adamu Abubakar
Iapply for covid 19 house hold, since june 2020 up till now i hear nothing idont know what happened.
December 18, 2020Eugene Ike Inyari
I applied for cbn covid 19 loan since last year, but hasn’t heard anything since then. Each time i want to validate my bvn, i will be told that it does not exist. What could be the problem?
March 29, 2021