The supreme bank in Nigeria established the stimulus package in March of 2020, and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank is the institution that is responsible for its distribution.
In a tweet sent out on Monday, NIRSAL Microfinance Bank (NMFB) announced the reopening of the portal and stated that applicants must be micro, small, and medium-sized enterprises (MSMEs) with verifiable evidence that their livelihood has been negatively impacted by the coronavirus outbreak.
In addition, businesses that have viable plans to capitalize on opportunities presented by the COVID-19 epidemic are eligible to submit an application for funding.
The annual percentage rate of interest on the facility will be nine percent, and the working capital will be provided for a duration of no longer than one year, with no rollover option available.
The maximum amount of working capital that will be made available to qualified businesses has been capped at a percentage equal to no more than 25 percent of the annual turnover average over the preceding three years.
On the other hand, if the business has not been running for at least three years, the offer will be for 25 percent of the company’s revenue from the preceding year.
A term loan cannot have a tenor that is more than three years and must have a moratorium that is at least
one year long.