All CBN LOAN: 5 Nirsal Microfinance Bank (nmfb) CBN Loans To Apply
The effect of covid-19 pandemic on Nigerians and their business can not be over emphasized. We saw mass layoffs of staffs and closures of business and even Government functions.
These outcomes have had severe consequences on households’ livelihoods businesses and Nigerians as a whole. In this respect, the Central Bank of Nigeria (CBN)introduced so many programmes “nmfb loan” also known as nirsal loan in collaboration withNirsal Microfinance Bank (nmfb) to help mitigate the effect of covid-19. Although, not all of these programmes we will discuss here were as a result of the effect of the pandemic.
We will be listing all of cbn/ Nirsal Microfinance Bank (nmfb) loan opportunities. We will share more light on all nmfb application, the eligibility, criteria, those that require the nmfb nirsal loan form and all you need to know about these programmes via Nirsal portal.
Below are Types of Nirsal Microfinance Bank (nmfb) Cbn Loan which you can apply from, most of which can be found via the nmfb cbn loan application portal on nirsal landing page.
Applying for nirsal nmfb loan is simple and you have come to the right place. Now lets us dive in.
Types Nirsal Microfinance Bank (nmfb) Cbn Loans
- Covid-19 Support (Targeted Credit Facility TCF )
- Nigeria Youth Investment Fund (NYIF) Loan Programme
- Nirsal Plc Agro-Geo Cooperative Formation Program
- The Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS)
- FG MSME Survival Fund Program
1. Covid-19 Support (Targeted Credit Facility TCF)
In respect of the effect of the covid-19 pandemic, the Central Bank of Nigeria (CBN) introduced the 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. This loan can be assessed via Nirsal loan application portal.
Interest Rate: Interest rate under the intervention is 5% p.a. (all inclusive) up to 28th February 2021 and thereafter, the interest on the facility will revert to 9% p.a. (all inclusive) as from 1st March 2021.
How long is the loan for?
Working capital will be for a maximum period of one year, with no option for rollover. Term loans have a maximum tenor of not more than 3 years with, at least, one-year moratorium.
How much can I access?
Households: Can access a maximum of N3 million
Loan amount to SMEs shall be determined based on the activity, cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million.
Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover. (where the enterprise is not up to 3 years in operation, 25% of the previous year’s turnover will suffice).
Who Is Eligible?
Commercial Loan – Nirsal NMFB Customers that are traders (Products: Food, electronics, allied products, computers/phones, spare parts, building materials) (APPLY HERE)
Households
Households with verifiable evidence of livelihood adversely impacted by COVID-19 (APPLY HERE)
Microenterprises
Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic. Download Application Guideline (APPLY HERE)
Mini SME Business Plan
SMEs
Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic. Download Application Guidelines (APPLY HERE)
2. Nigeria Youth Investment Fund (NYIF) Loan Programme
ABOUT NYIF (youths investment fund)
A 75 billion youth investment fund- With NYIF Loan after applying via nigeria youth investment fund NYIF website and undergoing the NYIF training, you will be able to access up to N3 Million Credit Facility Dedicated to investing in the innovative ideas, skills & talents of Nigerian youths aimed at turning them into entrepreneurs, wealth creators and employers of labour.
The Nigerian Youth Investment Funds (NYIF) a ringfenced funding that strictly cater to the investment needs of persons between the ages of 18 and 35 years old.
The Nigeria Investment fund NYIF fund aims to reach 500,000 youth annually between 2020 and 2023. Each fund approval will range from N250, 000 to N50, 000,000, with a spread across group applications, individual applications, working capital loans set at 1 year and term loans set at 3 years with single digit interest rate of 5%.
Who Is Eligible for NYIF Loan?
Individuals / Non-registered Businesses
- Individual within the age bracket of 18 to 35 years
- Has a valid BVN and means of ID
- Provision of Business plan Summary or Completed Questionnaire
- Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)
Registered Businesses
- Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
- Business plan Summary or Completed Questionnaire
- Valid Bank Verification Number (BVNs) of Directors
- Provision of Tax Identification Number (TIN)
- Entrepreneurship Training Certification from FMYSD EDIs
How The Nigeria Youth Investment Fund
Works ?
STEP 1 – To Register for NYIF loan Programme, register via NYIF Official Website : https://nyif.nmfb.com.ng/
Step 2 – Get Trained
NYIF training – Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs.
STEP 3
Apply For Loan
Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan via https://nyif.nmfb.com.ng/app
STEP 3
Submit An Application
Eligible applicants submit applications successfully on NMFB’s portal.
STEP 4
Approval
NMFB conducts loan assessment in line with Risk Assessment Criteria and programme guideline, make appropriate decision and forward recommended applications to CBN for final approval.
STEP 5
Disbursement
CBN reviews applications and gives final approval for disbursement to NMFB
3. Nirsal Plc Agro-Geo Cooperative Formation Program
CBN/NIRSAL PLC is calling on smallholder farmers, farmer leaders and aggregators to take advantage of the NIRSAL AgroGeoCoop® formation exercise which is currently structuring farmers for access to finance, training, inputs and markets.
The exercise aims at creating 16,000 Agro Geo-Cooperatives (ranging from 10 hectares to 20,001 hectares and above) on 4 million hectares of farmland and enrolling about 8 million farmers across Nigeria who are expected to produce about 12 million metric tonnes of Grain Product Equivalent (GPE) annually over the medium to long term.
ELIGIBILITY
In line with this, Community Leaders, Individuals, Enterprises, Corporate Bodies, Graduates, NPOWER Beneficiaries, Active and Retired leaders and farmers in: The ADP programme, World Bank FADAMA Programme, USAID MARKETS Programme, IFAD Value Chain Development Programme, The World Bank Climate Adaptation and Business Support Programme, AfDB Agric Programmes, the DFID’s Propcom Maikarfi Programme, the SASSAKAWA Global 2000 Programme and others that meet NIRSAL PLC’s eligibility requirements and who are domiciled in or have access to their communities and farmers, are encouraged to take advantage of this opportunity as a means of employment and a source of income generation through supporting the productive activities of their self-organized Agro Geo-Cooperatives.
LIST OF STATE CORDINATORS
| State | PMRO Location | Full Name | NIRSAL Email | CUG Number |
|---|
| ABIA | UMUAHIA | ANOSIKE Isaac Chijioke | i.anosike@nirsal.com | 09070001663 |
| ADAMAWA | YOLA | MAHMOUD Murtala Alhaji | m.mahmoud@nirsal.com | 09070001693 |
| AKWA IBOM | UYO | AKULA Helen Hembadoon | h.akula@nirsal.com | 09070001680 |
| ANAMBRA | AWKA | ALIGWEKWE Theodore Uzoma | t.ligwekwe@nirsal.com | 09070001359 |
| DELTA | ASABA | AZEBEOKHAI Imhokhai | i.chukwudi@nirsal.com | 09070001369 |
| BAUCHI | BAUCHI | GAMBO Hassan Abdulqadir | h.gambo@nirsal.com | 09070001380 |
| BEYELSA | YENAGOA | FABUNMI Samson Adeyemi | s.fabunmi@nirsal.com | 09070001683 |
| BENUE | BENUE | CHIKARA Igomu Sylvia Awele | s.igomu@nirsal.com | 09070001608 |
| BORNO | MAIDUGURI | BABAMALLAM Mohammed Habib | m.babamallam@nirsal.com | 09070001591 |
| CROSS RIVER | CALABAR | UDUZELI Progress Ogbonofa | u.progress@nirsal.com | 09070001411 |
| DELTA | ASABA | AZEBEOKHAI Imhokhai | i.chukwudi@nirsal.com | 09070001369 |
| EBONYI | ABAKALIKI | ANOLIEFOH Clement Oramulu | c.anoliefor@nirsal.com | 09070001250 |
| EDO | BENIN | OKWORI Patrick Akor | p.akor@nirsal .com | 09070001391 |
| EKITI | ADO-EKITI | ASHADE Ayorinde Michael | a.michael@nirsal.com | 09070001337 |
| ENUGU | ENUGU | NEBO Darlington Nkemjika | d.nebo@nirsal.com | 09070001446 |
| GOMBE | GOMBE | AGEDE Jibrin Agabi | j.agede@nirsal.com | 09070001457 |
| IMO | OWERRI | OSUJI Nkechi Leticia | n.osuji@nirsal.com | 09070001633 |
| JIGAWA | DUTSE | AKANDE David Shayo | d.akande@nirsal.com | 09070001427 |
| KADUNA | KADUNA | BALA Nasiru Daudawa | n.daudawa@nirsal.com | 09070001514 |
| KANO | KANO | NGILERUMA Abubakar | a.ngileruma@nirsal.com | 09070001531 |
| KATSINA | KATSINA | ABUBAKAR Mohammed Matazu | a.matazu@nirsal.com | 09070001550 |
| KEBBI | BIRNIN KEBBI | ABDULLAHI Mikailu | m.abdullahi@nirsal.com | 09070001401 |
| KOGI | LOKOJA | YAHYA Ahmed | y.ahmed@nirsal.com | 09070001581 |
| KWARA | ILORIN | OBAFEMI Hassan Ade | h.obafemi@nirsal.com | 09070001473 |
| LAGOS | IKEJA | OLAIYA Adedeji Oladele | a.olaiya@nirsal.com | 09070001571 |
| NASARAWA | LAFIA | DILLI Noel Nathan | d.noel@nirsal.com | 09070001564 |
| NIGER | MINNA | TUNDE-GEGELE Abdulkareem | t.gegele@nirsal.com | 09070001612 |
| OGUN | ABEOKUTA | ILO Jumoke Georgian | j.ilo@nirsal.com | 09070001261 |
| ONDO | AKURE | ALUKO Akinyele | a.aluko@nirsal.com | 09070001347 |
| OSUN | OSOGBO | AKANDE Omoyemi Adeniyi | o.akande@nirsal.com | 09070001623 |
| OYO | IBADAN | OSANEBI Kenneth Otuniya | k.osanebi@nirsal.com | 09070001492 |
| PLATEAU | JOS | LOT Florence Nimcit | f.lot@nirsal.com | 09070001502 |
| RIVERS | PORT HARCOURT | DOUGLAS Mabel Ayebatari | m.douglas@nirsal.com | 09070001645 |
| SOKOTO | SOKOTO | HARUNA Ibrahim Aliyu | h.ibrahim@nirsal.com | 09070001655 |
| TARABA | JALINGO | KARAMI Kelvin Rengshik | k.karami@nirsal.com | 09070001493 |
| YOBE | DAMATURU | ABUBAKAR Aliyu | a.aliyu@nirsal.com | 09070001420 |
| ZAMFARA | GUSAU | BARMU Sada Umar | s.barmu@nirsal.com | 09070001471 |
| ABUJA | FCT | OLALEYE Ayodele | a.olaleye@nirsal.com | 09070001547 |
How to Apply for Nirsal Agro-Geo Cooperative Formation
For more Information: Visit https://nirsal.com/agrogeocoop/
4. The Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS)
What is AGSMEIS ?
The Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.
How do I access the AGSMEIS loan?
Interested applicants are to visit the AGSMEIS loan application portal https://agsmeisapp.nmfb.com.ng/onboarding and create an account which will enable them start the application process and visit any of the NMFB Certified EDIs for agsmeis training.
What is the interest rate for nirsal agsmeis loan?
The interest rate is currently at five percent (5%) per annum.
Do I need collateral?
No, this loan scheme does not require a collateral.
Has disbursement started?
Yes we have disbursed over N95B and this is still ongoing.
Upon approval of my AGSMEIS loan can the funds be released to me as I deem fit?
No. Your approved loan amount will be disbursed to your NMFB account. For the purchase of your equipment(s)/machineries, this will be handled by one of the NMFB’s certified Vendors while the working capital will be accessible through your account for withdrawal, upon meeting all terms and conditions.
HOW IT WORKS
Get access to affordable loans to start and grow you business in 6 steps
Get Trained
Attend a compulsory training with a NIRSAL MFB certified Entrepreneurship Development Institute (EDI).
Apply For AGSMEIS Loan
Create an account by clicking on ‘Apply now’ as an applicant, validate your BVN and select a NIRSAL MFB certified Entrepreneurship Development Institute (EDI). https://agsmeisapp.nmfb.com.ng/
Receive Funds
Loans are paid into the account of beneficiaries. Unqualified candidates are given feedback.
Get Business Support Service.
5. FG MSME Survival Fund Program
MSME Survival fund -Aims To support businesses overcome challenges posed by the COVID-19 pandemic, the Federal Government has commence registration of the MSMEs Survival Fund” of N60 billion ($156.446 million dollars) and Guaranteed Offtake Schemes of N15bn ($39.111 million dollars).
VIA THE SURVIVAL FUND PORTAL,INTERESTED NIGERIANS CAN APPLY FOR THESE PROGRAMMES BELOW
(i) MSMEs Survival Fund programmes
- PAYROLL SUPPORT – Supports 500,000 thousand MSMEs in meeting payroll obligations of between 30 thousand Naira to 50 thousand Naira per employee over the period of three (3) months.
- FORMALISATION SUPPORT – Provide free CAC business name registration for 250,000 businesses.
- ARTISAN/TRANSPORT SUPPORT – Provides 333000 artisans and transport business operators with a 30,000 operation grant to reduce the effect of income loss.
- GENERAL GRANT – Support the survival of 100,000 businesses most affected by the covid-19 pandemic with 50,000 Naira each.
Duration: The scheme will run over an initial period of three months in order to provide immediate relief from the economic impact of the pandemic.
Target Beneficiaries: The scheme targets two categories of beneficiaries namely: employees of MSMEs and Self-employed individuals, both schemes have made provision for a 45% female business participation and special needs participation of 5%.
1. Employees of MSMEs.
The benefiting companies to meet the following criteria:
Employees’ company Must be registered in Nigeria under the Corporate Affairs Commission, CAC
Must have BVN by company CEO
Must have a staff strength of no less than 3 persons
Must be owned by a Nigerian.
2. Self-employed Individuals in the following categories.
Service providers in the transportation sector. i.e. Bus drivers, Taxi drivers, Ride share drivers,(Uber, BoltTaxnfy etc) and Mechanics.
Artisans, Electricians Plumbers etc.
(ii) GUARANTEED OFFTAKE SCHEME – Bulk purchase of products from 100,000 MSMEs to protect Jobs and Livelihoods.
This scheme will protect and sustain the income of vulnerable Micro and Small Enterprises from the economic disruptions of the COVlD-19 pandemic through the Implementation of various initiatives aimed at boosting the production capacities of the small businesses as well as provision of grants.
The main objective of this particular Guaranteed Offtake Scheme is to boost production capabilities of small businesses With the view to ensuring that they remain In business.
Duration: The duration will be for a period of Three (3) Months
Target Beneficiaries: Micro and Small businesses registered in Nigeria.
Survival Fund Application
Interested applicants should visit : https://survivalfund.gov.ng/
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