80,000 apply for CBN’s N50bn COVID-19 intervention fund

Three weeks after the Central Bank of Nigeria released the guidelines for the N50bn targeted credit facility, over 80,000 applications have so far been received from businesses and individuals.

The Managing Director, NIRSAL Microfinance Bank, Mr Abubakar Kure, confirmed this during a media briefing in Abuja yesterday.

The CBN had introduced the N50bn Targeted Credit Facility as a stimulus package to support households and the Micro, Small and Medium Enterprises affected by the COVID-19 pandemic.

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Based on the guidelines released by the CBN, those that can benefit from the fund are households with verifiable evidence of livelihood adversely impacted by COVID-19.

Others are existing enterprises with verifiable evidence of business activities adversely affected as a result of the pandemic and enterprises with bankable plans to take advantage of opportunities arising from the pandemic.

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According to the CBN guidelines, activities covered under the scheme are agricultural value chain activities; hospitality (accommodation and food services); health (pharmaceuticals and medical supplies); and airline service providers.

Others are manufacturing/value addition; trading and any other income generating activities as may be prescribed by the CBN.

Giving a breakdown of the 80,000 applications, the NIRSAL MD said that 40,000 applications were from households while 30,000 applications were received from the SMEs.

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He said from next week, the bank would begin the disbursement of the fund to those who met the criteria set by the apex bank.

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