All things being equal, the disbursement of the first batch of the Central Bank of Nigeria N50bn targeted loan facility will commence tomorrow.
Over 80,000 applicants have applied for the loan which is managed by the NIRSAL Microfinance Bank.
The Managing Director, NIRSAL Microfinance Bank, Mr Abubakar Kure, while confirming the disbursement did not reveal the amount that would be disbursed but revealed applicants with successful applications would start getting their fund by Thursday or Friday.
He said: “But we are hopeful that towards Thursday or Friday, the disbursement of the fund would commence.”
The CBN introduced the N50bn Targeted Credit Facility as a palliative to households and Micro, Small and Medium Enterprises that the COVID-19 pandemic has affected and the facility is being financed from the Micro, Small and Medium Enterprises Development Fund.
As far as the loan limit is concerned, the amount would be calculated based on the beneficiary’s activity, cash flow and industry size, but SMEs can’t get more than N25m.
Households can be availed up to N3m while working capital would be capped at 25 percent of the previous three years average yearly turnover.
According to the guidelines by the CBN, sectors covered by the facility include hospitality, agriculture, aviation and health.
