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.

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Ongoing

Have they disbursed Covid 19 loans to SMEs. I am only aware of the household category... Any answers??

Not really

progress of thing

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<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

still ongoing