How to Apply and Collect Covid-19 Loan for Household

WHAT IS COVID-19 SUPPORT – LOAN?

‘The Central Bank of Nigeria (CBN)  introduces a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic’.

This is a stimulus package given to Nigerians citizens who have in one way or the other lost prestige due to the 2020 pandemic in Nigeria, introduced by the Central Bank of Nigeria.  It is managed by National Micro Finance Bank as a delegated duty from the Central Bank of nigeria

CONCEPT OF THE TARGETED LOAN

According NMFB, ‘The Coronavirus Disease (COVID-19) pandemic has led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment event, lockdown of large swaths movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world.

These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.  

In this respect, 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’.

  THING TO NOTE DURING APPLICATION

Application for the covid-19 support loan is open to all but possibility of collection is limited to credibility. How?

Every applicant must note that covid-19 loan, especially the household, has concept which are of great importance. These include

  1. LOAN
  2. VERIFIABLE EVIDENCE OF LIVELIHOOD

Note the keyword – ‘LOAN’ is never free. This is a refundable amount, thus is often given to people who are credit worthy, in terms of having a job, or doing a good business which has good turnover for possibility of paying back certain amount of loan.

Also note another keyword – ‘verifiable evidence’, covid-19 support loan is for those with evidence of livelihood.

THE IMPLICATIONS OF THE ABOVE KEYWORDS IN YOUR APPLICATION

Many people of chose “NO” in the option of job! How would this help the lender or give the lender the confidence of getting such loans back? This is a food to thought and honest reporting can go a long way to facilitating the loan collection.