The Disbursement of N50bn NIRSAL COVID-19 loan by CBN has commenced - aksu360

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The Disbursement of N50bn NIRSAL COVID-19 loan by CBN has commenced

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The Central Bank of Nigeria (CBN) through the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank has begun disbursement of the N50 billion Targeted Credit Facility (TCF), a stimulus package earmarked to support households and MSMEs ailing from the rampaging COVID-19 pandemic. 

 

The Managing Director of NIRSAL Microfinance Bank, Mr Abubakar Abdullahi Kure who made the disclosure to unveil some of the beneficiaries said 3,256 MSMEs were benefiting from the first batch of the disbursement. According to him, the disbursement will be a weekly occurrence, adding that beneficiaries will come from all parts of Nigeria.

 

He said: “The N50 billion was earmarked by CBN to incentivize businesses and households affected by the COVID-19 pandemic. We started disbursing the loan and they will get alert before the end of today. I hope it’ll help you restart your ailing businesses as SMEs".

 

It’s not a grant but a trade facility to help SMEs battered by COVID-19 come back to operation. SMEs are the engine room of growth of the economy. Once you qualify, you would be given. You don’t need to know anyone in NIRSAL Microfinance Bank or CBN. The documentation process is ongoing. We started with Abuja because of convenience. We have 33 branches. Some of them are not functioning optimally because of the lockdown.

 

“You’re the first set of applicants. I encourage you to pay back so that other people can enjoy the facility”, he added.

 

On some other of the challenges faced by NIRSAL Microfinance Bank in processing applications for disbursements, Kure said that many applicants are finding it hard to reach the office for interactions.

 

“We have hiccups as per restrictions of movement. Even to get people to do documentation is also hard. Some of the branches are shut down because of COVID-19”, he further added.

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