Barring any last-minute change in plans, the disbursement of the first tranche of the Central Bank of Nigeria N50bn targeted credit facility would begin on Thursday.

The fund, which is being managed by the NIRSAL Microfinance Bank, has received over 80,000 applications.

The Managing Director, NIRSAL Microfinance Bank, Mr Abubakar Kure, confirmed the development in a telephone interview with our correspondent.

Kure, who did not provide the amount to be disbursed in the first tranche, said that those whose applications were successful would start receiving their fund on Thursday.

He said, “But we are hopeful that towards Thursday or Friday, the disbursement of the fund would commence.”

The CBN had introduced the N50bn Targeted Credit Facility as a stimulus package to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic.

The N50bn intervention is being financed from the Micro, Small and Medium Enterprises Development Fund.

In terms of limit, the loan amount would be determined based on the activity, cash flow and industry size of beneficiary, subject to a maximum of N25m for SMEs.

Households can access a maximum of N3m while working capital would be a maximum of 25 per cent of the average of the previous three years’ annual turnover.

Based on the guidelines released by the CBN, those that can benefit from the fund are households with verifiable evidence of livelihood adversely impacted by COVID-19; existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic and enterprises with bankable plans.

According to the CBN guidelines, activities covered under the scheme include agricultural value chain; 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.

donbachi:
"80,000 applications"...them,their wives,children,allies,girlfriends and associates.

Charleys:

is it from that Google forms that was circulating? Because how did they get applications

Based on the guidelines released by the CBN, those that can benefit from the fund are households with verifiable evidence of livelihood adversely impacted by COVID-19;

Households can access a maximum of N3m while working capital would be a maximum of 25 per cent of the average of the previous three years’ annual turnover.

iwaeda:


In terms of limit, the loan amount would be determined based on the activity, cash flow and industry size of beneficiary, subject to a maximum of N25m for SMEs

https://punchng.com/cbns-n50bn-covid-19-fund-disbursement-begins-thursday/?

SMEs In this lockdown Is the money meant to boost businesses

So Nigerians are to collect loans as palliatives

This got to be the most useless government in the whole world!!!

olumide4christ:


Are you aware that the stimulus the US is giving tax paying individuals and small businesses is not free money but loans that they will collect back as taxes when the pandemic is over & income is generated again?? Do you know that there are guidelines like this that they have laid down for small businesses that want to access the stimulus funds? Google is your friend... verify it.
I guess USA is "the most useless government in the whole world" according to you!!

First you gave palliatives N20,000 to invisible Nigerians

Then claimed that N30,000 credited to N-Powers are the palliatives

Now that Nigerians are asking for transparency, you are giving them loans calling it palliatives

Didn't you know that some countries gave our very own Nigerians over N500,000

Please stop comparing Nigeria to USA

When did you ask citizens to apply Is USA helping some citizens in secretive and ignoring others

Which household is not affected by this lock down

I am glad you said USA GAVE first!!! Before removing from the tax

If you are to give out loans to deduct from our taxes, why select 80,000 out of almost 200million people

Does it make sense to you

donbachi:
"80,000 applications"...them,their wives,children,allies,girlfriends and associates.

donbachi:
dont mind those thieves.

donbachi:
"80,000 applications"...them,their wives,children,allies,girlfriends and associates.