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If You Have BVN And Wish To Start a Business After The Lockdown, Then Apply For CBN Grant

By bassmanz • 7 months ago • 18298 • 7437

 If You Have BVN And Wish To Start a Business After The Lockdown, Then Apply For CBN Grant


The CBN is disbursing 50billion Naira through the NIRSAL Microfinance Bank. This credit facility is targeted towards providing some relief to the impact of Covid-19 Pandemic on the economy. 


The credit facility is targeted towards individuals interested in starting businesses based on the following scheme:


1. Hospitality ( Accommodation and Food Services)


2. Manufacturing/Value addition 


3. Health ( Pharmaceuticals and Medical Supplies)


4. Trading


5. Agricultural Value chain


6. Airline Service providers


7. Any other income generating activities as may be prescribed by the CBN.




Loan limits

Based on the number of people this credit facility was targeted to reach, CBN, however, set a lit for each scheme. Viz. 


1. Households N3m maximum 


2. Small-Medium Scale Enterprise SME, N25m maxim 


The interest is scheduled as to be 5% up to Feb. 2021 there after 9%. And the loan is expected to last for 3years with at least one year moratorium.


Collateral needed

1. Moveable assets registered with National Collateral Registry.


2. Simple deposit of Title documents in preferable state.


3. Deed of Debenture in preferable state.


4. Irrevocable domiciliation of proceeds.


5. Two acceptable Guarantors.


6. Personal Guarantee of the promoter of the business. 


Others includes ;


1. Comprehensive Insurance over the assets.


2. Life Insurance of the Key - Man,with NMFB noted as the first Loss payee.



Ways to apply for the credit facility

Applicants should send their applications to Nirsal Microfinance Bank directly via http://nmfb.com.ng or


 https://tinyurl.com/r6yefgf (for SME ) and


https://tinyurl.com/td6jr5r (for HOUSEHOLD).


Applications must include;

1. BVN. 


2. Business Registration number where necessary 


3. Business plan which must capture notable outcome of the business, or capture the impact of the business towards economy as a result of Coronavirus in the country.  


 Beneficiaries of AGSMEIS could be qualified for the credit, but there is the off chance that they may not be able to service 2 loans at a time.  


Incase you have a worry about what movable items are, worry no more. they may include the following;


1. Furniture


2. Generator


3. Refrigerator 


4. Motor car


5. Television set, and many of such in good status and acceptable. 


You can go online and apply now. And upon completion, your application would be reviewed and analyzed to know your eligibility.  


If you are shortlisted, an online interview would be scheduled for you during the lockdown. Or you will be sent to bank branch for interview and evaluation if the lockdown does persist. 


Of you are successful, final review would be done, and your name would be sent to CBN Head Office for disbursement. 


I am sure this article would help you. 







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