A ₦50Bn intervention fund targeted at Households and Micro, Small and Medium Enterprises affected by the COVID-19 Pandemic. The loan has an interest rate of 5% p.a all-inclusive (until February 28th 2021, thereafter the interest facility will revert to 9%p.a all-inclusive from March 1st, 2021).
1 year maximum for working capital with no option of rollover and 3 years maximum for term loans, with at least one-year moratorium.
Households: Can access a maximum of ₦3 million
MSMEs: Loan amount to SMEs shall be determined based on the activity, cashflow and industry/segment size of the beneficiary, subject to a maximum of ₦25 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).
i. Agricultural value chain activities.
ii. Hospitality, particularly accommodation and food services.
iii. Health, especially pharmaceuticals, hospital services and medical supplies.
iv. Airline service providers.
v. Manufacturing/value addition.
vii. Any other income-generating activities as may be prescribed by the CBN.
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