Targeted Credit Facility (TCF) — Central Bank of Nigeria (CBN) stimulus package, March 2020

Summary

Web page of the Central Bank of Nigeria (CBN) on the Targeted Credit Facility (TCF), which it says CBN introduced in March 2020 as a stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic. It lists the objectives as cushioning the adverse effects of COVID-19 and stimulating credit to MSMEs to expand their productive capacity. The participating financial institution is NIRSAL Microfinance Bank (NMFB). In the frequently asked questions, the page says households can access a maximum of ₦3 million and SME loans are subject to a maximum of ₦25 million, with funding from the Micro Small and Medium Enterprise Development Fund (MSMEDF) and an interest rate of 5%.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

Targeted Credit Facility (TCF)

Targeted Credit Facility

The Central Bank of Nigeria (CBN) introduced the TCF in March 2020 as a stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic.

Objectives

- Cushion the adverse effects of COVID-19 on households and MSMEs
- Stimulate credit to MSMEs to expand their productive capacity through equipment upgrade, research and development.

Managing Agent

The participating financial institution (PFI) for the Scheme is NIRSAL Microfinance Bank (NMFB).

How To Apply

- To apply for TCF, please visit: www.covid19.nmfb.com.ng

Frequently Asked Questions on TCF

Who is eligible?

- Eligible applicants under the TCF include: 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 to take advantage of opportunities arising from the COVID-19 pandemic.

What is the maximum amount which can be applied for under the TCF?

- Households can access a maximum of ₦3 million, while the loan amount for SMEs shall be determined based on the activity, cash flow
 and industry/segment size of beneficiary, subject to a maximum of ₦25 million.

What is the source of funding for the TCF?

- Micro Small and Medium Enterprise Development Fund (MSMEDF)

What is the interest rate for the TCF?

- The interest rate is 5%.

File and source

File

tcf-html_7c280d67cb78a8f1.html

Size

9,320 bytes

SHA-256

4d1edae83404fa945b5135b86c1103cabb7e309191edce029439c1cb675f9e50

Our copy

tcf-html_7c280d67cb78a8f1.html

Original

www.cbn.gov.ng