CBN Covid-19 Loan Application Step-by-step Guide

The Central Bank of Nigeria (CBN) has recently reopened the Micro, Small, and Medium Enterprise (MSME) portal, allowing businesses to access up to N25 million through NIRSAL Microfinance Bank.

This COVID-19 Loan initiative by CBN specifically targets businesses impacted by the pandemic. The announcement was made by Bashir Ahmad, the Personal Assistant to President Muhammadu Buhari on New Media, via his Twitter handle on Wednesday.

He tweeted, “The CBN, through @NirsalMFB introduces a stimulus package to support households and MSMEs affected by the COVID-19 pandemic. An individual can access up to N25million.”

How to Apply for the CBN Covid-19 Loan

Before applying for the ongoing CBN Covid-19 Loan, make sure you have thoroughly reviewed all the specified requirements.

1. First, click on the link to access the CBN Covid-19 Loan Portal.
2. Choose either SME or household category.
3. Enter your BVN and submit your application.

Important Information about the CBN Covid-19 Loan: The Federal Government recently announced the reopening of the MSME Survival Fund Payroll Support Portal for 30 states that were unable to fulfill their quotas. The scheme’s purpose is to assist vulnerable MSMEs by covering the payroll expenses of more than 500,000 employees.