• Are you a Small Business Owner interested in accessing the N50 billion Central Bank of Nigeria (CBN) stimulus package for micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic? If you are, welcome to this Questions and Answers session.

Question: Is your business eligible?

Answer: To benefit from the funding opportunity arising from the Covid-19 pandemic, your business must meet the following criteria:

i. Your business must be a going concern; in existence, up and running, not a start-up.

ii. Your business must have a bankable plan, which outlines the capacity to utilise the fund profitably and prospect of repaying the loan according to terms.

iii. Your business must provide verifiable evidence that its activities have been adversely affected by the COVID-19 pandemic.

Question: What business activities are eligible for the scheme?

Answer: The following activities qualify for funding under the scheme:

i. Agricultural value chain activities.

ii. Hospitality, particularly accommodation and food services.

iii. Health, especially pharmaceuticals, hospital services and medical supplies.

iv. Airline service providers.

v. Manufacturing/value addition.

vi. Trading.

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

Question: What is the loan amount that your business can apply for?

Answer: The loan amount shall be determined by the activity, cash flow and industry/segment size of your business, subject to a maximum of N25 million for Small and Medium Enterprises. Working capital shall be a maximum of 25 percent of the average of the preceding three years’ annual turnover. Where your business is not up to three years in operation, 25 percent of the previous year’s turnover will apply.

Question: What will be the interest rate for the loan?

Answer: Interest rate shall be Five percent per annum, all inclusive, up to February 28, 2021. Thereafter, it shall revert to Nine percent, all inclusive, with effect from March 1, 2021. Working capital shall be for a maximum period of one year, without option for rollover. Term loan shall have a maximum tenor of not more than three years with, at least, one-year moratorium.

Question: What will be the collateral for the loan?

Answer: The collateral shall be as may be acceptable by NIRSAL MFB, and may include any one or more of the following:

i. Moveable asset(s) duly registered on the National Collateral Registry (NCR).

ii. Simple deposit of title documents, in perfectible state.

iii. Deed of Debenture (for stocks), in perfectible state.

iv Irrevocable domiciliation of proceeds.

v. Two acceptable Guarantors.

vi. Personal Guarantee of the promoter of the business.

vii. Life Insurance of the Key-Man, with NMFB noted as the First Loss Payee.

viii. Comprehensive Insurance over the asset.

Repayment shall be on instalment basis, according to the nature of enterprise, and the repayment schedule/work plan provided at the application stage.

Question: Where should your business submit its loan application?

Answer: Application should be submitted to NIRSAL Microfinance Bank (NMFB) with, among others, BVN number, business registration (where applicable) and business plan that includes evidence of the opportunity or adverse impact as a result of COVID-19 pandemic. Thereafter:

i. NMFB shall appraise and conduct due diligence on the application.

ii. Upon satisfactory appraisal of the application, NMFB shall forward it to the CBN.

iii. The CBN shall review the application and, if successful, give final approval for disbursement to NMFB.

iv. The CBN shall provide the seed fund for the scheme, and release funds to NIRSAL MFB for disbursement to your business.

The Scheme is financed from the CBN’s Micro, Small and Medium Enterprises Development Fund (MSMEDF) and NIRSAL Microfinance Bank (NMFB) is the eligible participating financial institution.

Question: For how long will this fund be available to Micro, Small and Medium Enterprises?

Answer: The exit date of this intervention is December 31, 2024.

If you are a Small Business Owner, if your business is eligible for funding under the N50 billion Central Bank of Nigeria (CBN) stimulus package, if you and your business can meet the terms and conditions of the loan, if your business can provide proof that its activities have been adversely affected by the COVID-19 pandemic, get in touch with NIRSAL Microfinance Bank. Your business can get a N25 million loan, at Five percent interest rate, for the asking!

Contact Us Now if your business needs assistance in accessing this NIRSAL Microfinance Bank-managed facility.


  1. Alfa hammadu

    I have followed all the steps bye yet to received after 73 hours now.

  2. Bamidele Salau

    I am interested in accessing the fund to assist our company – MASTERGRAPHICS PRESS LIMITED.

  3. Kanshio Vincent Viashima

    Good day sir/ma, I hereby write to inform you that am one amoung the applicant that applied for covid 19 cbn loan through NMFB. I actually applied under household, where my business is been located is at my estate in kuje Abuja which is fashon design and clothing, but at this period of covid 19 pandemic must of the customers are owned me and there is no funds to even produce more for those whom have paid for production because of hunger home care services, pls in this case I need help to improve by purchasing more equipments and meet the need of my customers thanks.

  4. Alenkhe Ijeoma

    What about the money given to households, is it to be refunded? Since its for household up keep

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  6. Umar Sabo

    Are they finished disbursed the loan or they will continue

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  9. Alonge Dele Timothy

    I have applied for CBN covid 19 Pandemic loam in which I have not been given. I applied for 500,000. I will like to know the latest information because my business has been affected and I need assistance to pick it up again.

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