This guide features how to apply for NIRSAL Loan in 2022.
Have you heard about the NIRSAL Loans for Small and Medium Enterprises? NIRSAL stands for Nigeria Incentive Risk Sharing Agricultural Lending.
It is currently the only National Microfinance Bank in Nigeria and was skillfully set up to grow the agricultural and SME sector.
The Central Bank of Nigeria (CBN) introduced N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic in collaboration with NIRSAL. The Central Bank of Nigeria in collaboration with the NIRSAL has introduced this loan as an incentive to curb or help with the effect of the Coronavirus pandemic on Households and Micro, Small and Medium Enterprises (MSMEs).
The Central Bank of Nigeria (CBN) has opened up the NIRSAL COVID-19 loan application portal for MSMEs and individual households affected by the pandemic. This means that all eligible Households and Businesses are free to apply for the NISRAL Loan 2021 as soon as possible with no deadline for registration as at now.
Now, if you feel you qualify for this loan and you would love to apply, here’s a few things you must know:
Who is eligible for this 2021 NIRSAL COVID-19 loan?
Households: Those households with proof that their livelihood was adversely impacted by COVID-19.
Microenterprises: This category is for existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic
SMEs: Enterprises with viable plans to take advantage of opportunities arising from the COVID-19 pandemic.
Now, if you have passed the Eligibility test, you can proceed to apply for this loan.
Follow these processes to apply for the CBN/NIRSAL COVID-19 Loan;
STEP 1: Submit an Application
Note: The good news about this application is that it can be done from any device of your choice. You could use either your phone, your tablet or your Laptop.
To apply, visit NIRSAL COVID-19 loan portal via https://nmfb.com.ng/covid-19-support/ and submit applications directly to NIRSAL Microfinance Bank (NMFB), with clear evidence of the opportunity you would like to invest in for SMEs or the adverse impact of the COVID-19 pandemic either on your Household or on your Micro Enterprise.
STEP 2: Approval
The Nigeria Incentive Risk Sharing Agricultural Lending Microfinance Bank will then go through your application after which it will be forwarded to the CBN for final approval.
STEP 3: Disbursement
CBN reviews applications and gives final approval for disbursement to NMFB for further disbursement to the applicants for the loan.
Interest rate under the intervention was 5% per annum before 1st March 2022 but has now increased to 9% per annum.
Working capital will be for a maximum period of one year, with no option for rollover.
Households can access up to N3 million while SMEs can access a maximum of N25 million subject to a number of factors.
If you’re eligible for this 2021 NIRSAL COVID-19 loan, you should hurry and apply now as this opportunity is one you definitely do not want to miss!
Also Read: How To Check NIRSAL Loan Approval With BVN