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The Central Bank of Nigeria (CBN) has waived one condition for accessing the N50bn COVID-19 loan for applicants.
The Targeted Credit Facility was released by the CBN in the start of the pandemic to support SMEs and households through the pandemic. CBN expects them to use the COVID-19 loan as a relief to get past the crises but applicants got the condition to provide a guarantor.
Households and SMEs who intend to take part in the funding will not need to provide guarantors. As soon as they successfully complete other application procedures, they will receive a credit notification within 48 hours.
An applicant that doesn’t get the notification within that time frame is to contact CBN via this number 09010026900. Also, applicants who successfully complete the application process and waiting to receive credit can visit the Nirsal Microfinance Bank site.
Only applicants whose businesses meet the requirements will get a loan. Such requirements include the size of the business. Eligible SMEs will receive N25 million each and N3 million will go to each qualifying households.
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