How to access the N50 billion CBN Covid-19 intervention fund for SMEs

How to access the fund: There are two modalities here to consider. According to the CBN’s circular issued on March 23, 2020, either Households/MSMEs or Corporate entity.

For Households/MSMEs,

• The first step is for an eligible household to submit an application to NIRSAL MFB, which must, among others, contain BVN number, business registration (where applicable) and business plan with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic
• NMFB shall appraise and conduct due diligence applications
• Upon satisfactory appraisal of application, NMFB shall forward the applications to the CBN for final approval,
• Then, CBN reviews applications and gives final approval for disbursement to NMFB.

For corporate entities,

• Like their MSMEs counterparts, applications are submitted to NMFB with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic.
• Also, NMFB shall appraise and conduct due diligence applications,
• After a satisfactory appraisal of the application, NMFB shall forward the applications to the CBN for final approval.
• CBN reviews applications and gives final approval for disbursement to NMFB.