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Nairaland Forum / Nairaland / General / Business / Covid-19: CBN N50billion AGSMEIS / TCF Loan For Nigerians (1864 Views)
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Covid-19: CBN N50billion AGSMEIS / TCF Loan For Nigerians by ndyfaby: 3:22pm On Jun 16, 2020 |
CBN N50Billion AGSMEIS / TCF Loan is a stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic. As part of the measure to reduce the impact of COVID-19 pandemic on businesses in Nigeria, the Federal government of Nigeria, through the Central Bank of Nigeria (CBN) have introduced COVID-19 intervention loans for households, SME, and MSME. CBN's N50 billion Targeted Credit Facility is an initiative to Support households and MSMEs whose economic activities have been significantly disrupted by the COVID-19 pandemic aim at to Stimulate credit to MSMEs to expand their productive capacity through equipment upgrade, and research and development thereby Cushion the adverse effects of COVID-19 on households and MSMEs; Whereas; The Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) is an initiative to support the Federal Government's efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation. Activities Covered Eligible activities under the Scheme include: Agricultural value chain activities Hospitality (accommodation and food services) Health (pharmaceuticals and medical supplies) Airline service providers Manufacturing/value addition Trading Any other income-generating activities as may be prescribed by the CBN. NOTE: The COVID-19 Support fund will be distributed by NIRSAL Microfinance Bank and come with an Interest rate under the intervention is 5% P.A. (all-inclusive) up to 28th February 2021, and after that, the interest will revert to 9% P.A. (all-inclusive) as from 1st March 2021, Application Procedures for CBN N50Billion AGSMEIS/TCF Loan Follow the steps below for detailed guidelines on how to apply; Step 1 - You Get Trained Attend a compulsory training with a CBN certified Entrepreneurship Development Center (EDC). Step 2 - You Apply For the Loan The Entrepreneurship Development Institute (EDI) guides and assists you in getting all necessary documents required to secure the loan Step 3 - You Receive Funds Loans are paid into the account of beneficiaries. Unqualified candidates are given feedback. Step 4 - Get Business Support Services The Entrepreneurship Development Institute assists you to implement a business plan and provide business support services commercially. Step 5 - Make Sales Sell products and services to pay back the loan and make a profit. Step 6 - Repay Loan Run your business, keep proper records, monitor sales, and expenses to maximize profit, and pay back the loan. Note: No Third Party No Processing fee or Technical Support fee This loan scheme is designed to be easily accessible. The entire process is automated. From application submission to disbursement takes six(6) to eight( weeks. Disbursement has started and has disbursed over N25B, and this is still ongoing. Eligibility Criteria: Be a Nigerian citizen. Own/operate Household or SME Business or Enterprise. Would like a 1M - 10M Naira one digit loan facility 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. Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic Requirement: Duly completed application form A valid means of I.D. (national I.D., driver's license, voter's card or international passport) Current utility bill 2 recent passport-size photographs Moveable asset(s) duly registered on the National Collateral Registry (NCR). Simple deposit of title documents, in perfectible state Deed of Debenture (for stocks), in perfectible state Irrevocable domiciliation of proceeds Two (2) acceptable Guarantor Personal Guarantee of the promoter of the business Life Insurance of the Key-Man, with NMFB, noted as the First Loss Payee. Comprehensive Insurance over the asset How to Apply Interested candidates can get started by applying online. |
Re: Covid-19: CBN N50billion AGSMEIS / TCF Loan For Nigerians by ndyfaby: 7:06pm On Jun 16, 2020 |
++ |
Re: Covid-19: CBN N50billion AGSMEIS / TCF Loan For Nigerians by ndyfaby: 4:50pm On Jun 18, 2020 |
Ongoing |
Re: Covid-19: CBN N50billion AGSMEIS / TCF Loan For Nigerians by mololo: 4:56pm On Jun 18, 2020 |
Have they disbursed Covid 19 loans to SMEs. I am only aware of the household category... Any answers?? |
Re: Covid-19: CBN N50billion AGSMEIS / TCF Loan For Nigerians by ndyfaby: 8:15am On Jun 19, 2020 |
Not really |
Re: Covid-19: CBN N50billion AGSMEIS / TCF Loan For Nigerians by ndyfaby: 10:44pm On Jun 19, 2020 |
progress of thing |
Re: Covid-19: CBN N50billion AGSMEIS / TCF Loan For Nigerians by ndyfaby: 2:09pm On Jun 20, 2020 |
.. |
Re: Covid-19: CBN N50billion AGSMEIS / TCF Loan For Nigerians by ndyfaby: 4:38am On Jun 21, 2020 |
Re: Covid-19: CBN N50billion AGSMEIS / TCF Loan For Nigerians by ndyfaby: 7:37pm On Jun 22, 2020 |
.. |
Re: Covid-19: CBN N50billion AGSMEIS / TCF Loan For Nigerians by ndyfaby: 5:36pm On Jun 23, 2020 |
Re: Covid-19: CBN N50billion AGSMEIS / TCF Loan For Nigerians by ndyfaby: 11:06pm On Jun 29, 2020 |
<a href="https://trainages.com/nalda-volunteer-programme/">NALDA Volunteer Programme for Nigerian Youths ( ND, HND or B.SC Holders)</a> is now open to interested Applicants |
Re: Covid-19: CBN N50billion AGSMEIS / TCF Loan For Nigerians by ndyfaby: 12:11pm On Jul 07, 2020 |
still ongoing |
Re: Covid-19: CBN N50billion AGSMEIS / TCF Loan For Nigerians by ndyfaby: 7:59am On Mar 25, 2021 |
(1) (Reply)
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