After the effect of the Corona Virus Disease (Covid-19), a lot of things were affected. The economy crumbled, and the supply of goods and services stopped. Above all, it claimed lives and properties. As a result, the Central bank of Nigeria presented a 50 billion naira Targeted Credit Facility (TCF) to support the families and businesses Covid-19 affected. In this article, you will see the TCF Covid-19 Loan Application guide.
Check out how you can gain from the Targeted Credit Facility.
About The Targeted Credit Facility (TCF)
The 50 billion Naira Targeted Credit Facility (TCF) is a scheme that CBN (Central Bank of Nigeria) introduced to support micro and SMEs (small and Medium Enterprises) that Covid-19 affected. It is a stimulus parcel to assist homes.
The pandemic force stopped the affairs of people all over the globe. It led to the cancellation of events like sports, lockdown, and intercontinental travel prohibitions. Above all, it crashed the world economy.
These results have harmed homes and business activities, leading to a loss in customer confidence, a delay in production, and a drop in global supply.
The CBN then created the scheme for people to bounce back and start a new life.
How Does It Work?
The process is much easier. It starts with an application. Directly submit applications to NIRSAL Microfinance Bank (NMFB). Attach with convincing proof of the potential or negative impact caused by the COVID-19 epidemic. The CBN receives the application for approval after an application review. CBN evaluates applications and grants final permission for NMFB distribution.
Who is Eligible For The Targeted Credit Facility Loan?
Two categories of people are eligible to access the 50 billion Naira Credit Facility. They are:
- Households whose livelihoods have been negatively affected by COVID-19 can be verified.
- Businesses with viable plans to seize chances presented by the COVID-19 pandemic.
How to Apply for TFC Covid-19 Loan
Check out the easy steps to apply for the Targeted Credit Facility:
- Visit the NIRSA official Portal
- Fill your details in the form provided
- Do the Captcha requirement then,
- Click on submit
How to Check for the TCF Covid-19 Loan Application Status
Checking the application status is a straightforward process. The NIRSAL Microfinance bank reviews your application and sends it to CBN for approval. After the approval follows disbursement.
Is the TCF Covid-19 Loan Application Portal Still Open?
The TFC program is currently not available. After the disbursement by the NMFB, the program was closed down afterwards. It is not available for now.
