CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday

★★★★★★★★★★★★★★★★★★★★★
CLICK TO DOWNLOAD JETHITMUSIK MOBILE APP
★★★★★★★★★★★★★★★★★★★★★

Barring any last-minute change in plans, the disbursement of the first tranche of the Central Bank of Nigeria N50bn targeted credit facility would begin on Thursday.

The fund, which is being managed by the NIRSAL Microfinance Bank, has received over 80,000 applications.

The Managing Director, NIRSAL Microfinance Bank, Mr Abubakar Kure, confirmed the development in a telephone interview with our correspondent.

Kure, who did not provide the amount to be disbursed in the first tranche, said that those whose applications were successful would start receiving their fund on Thursday.

MUST READ:  [Mixtape] Naijaloaded x DJ MoreMusic – Street LockDown Mix

He said, “But we are hopeful that towards Thursday or Friday, the disbursement of the fund would commence.”

The CBN had introduced the N50bn Targeted Credit Facility as a stimulus package to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic.

The N50bn intervention is being financed from the Micro, Small and Medium Enterprises Development Fund.

In terms of limit, the loan amount would be determined based on the activity, cash flow and industry size of beneficiary, subject to a maximum of N25m for SMEs.

MUST READ:  #BBNAIJA: “I Am Coming To Play A New Game” – Eric Tells Housemates

Households can access a maximum of N3m while working capital would be a maximum of 25 per cent of the average of the previous three years’ annual turnover.

Based on the guidelines released by the CBN, those that can benefit from the fund are households with verifiable evidence of livelihood adversely impacted by COVID-19; existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic and enterprises with bankable plans.

According to the CBN guidelines, activities covered under the scheme include agricultural value chain; hospitality (accommodation and food services); health (pharmaceuticals and medical supplies); and airline service providers.

MUST READ:  Coronavirus May Sink Nigeria Into Severe Recession – World Bank Warns

Others are manufacturing/value addition; trading and any other income-generating activities as may be prescribed by the CBN.

The post CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday appeared first on Naijaloaded | Nigeria’s Most Visited Music & Entertainment Website.


Source: News update

jethitmusik

Next Post

I’m Searching For A Producer Who Sent Me Beat – Davido Reveals

Wed Apr 22 , 2020
Post Views: 243 26 ★★★★★★★★★★★★★★★★★★★★★ CLICK TO DOWNLOAD JETHITMUSIK MOBILE APP ★★★★★★★★★★★★★★★★★★★★★ Award winning Nigerian singer and record label boss, David Adeleke better known as Davido has launched a manhunt for a music producer that sent him a beat. The singer in a post shared on his Instagram story noted […]
Copyright All right reserved Theme: Default Mag by ThemeInWP