5 Nirsal Microfinance Bank (nmfb) Loans To Apply » Voice of Nigeria
5 Nirsal Microfinance Bank (nmfb) Cbn Loans To Apply
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
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)
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
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.
