The CBN has announced its decision to increase the TCF for households and SMEs from N150 billion to N300 billion.
The Central Bank of Nigeria (CBN) has announced its decision to increase the Targeted Credit Facility (TCF) for households and Small and Medium Enterprises (SMEs) from N150 billion to N300 billion.
This is as the apex bank has revealed that it had disbursed a total of sum N149.21 billion to SMEs and households across the country under the TCF.
See Also: CBN Reopens N50billion COVID-19 Loan Portal for Households, Businesses
According to a report from Punch, this disclosure was made by the CBN Governor, Godwin Emefiele, at a virtual seminar organized for finance editors and correspondents in Lagos and Abuja simultaneously.
Emefiele, who was represented by the apex bank’s Deputy Governor, Corporate Services, Edward Lametek, said the CBN had set out to alleviate the plights of households and business owners who have been negatively impacted by the Covid-19 pandemic and drive economic growth during this period.
READ: FG Empowers 5,280 Nigerians with Cash Grant
What the CBN Governor is saying
Emefiele in his statement said, “We initially created a N150bn Targeted Credit Facility for affected households and small and medium enterprises through the NIRSAL Microfinance Bank. Already, N149.21bn has been disbursed to 316,869 beneficiaries.
“Given the resounding success of this programme and its positive impact on output growth, we have decided to double this fund to about N300bn, in order to accommodate many more beneficiaries and boost consumer expenditure which should positively stimulate the economy.”
Emefiele stated that in line with the growing need to go digital, the application process was done online and required limited paperwork from prospective applicants.
SEE ALSO: CBN Loan Guidelines and Requirement
What you should know
- It can be recalled that in April 2020, the CBN introduced the Targeted Credit Facility (TCF) as a stimulus package to support households and micro, small and medium enterprises (MSMEs) that are affected by the coronavirus pandemic
- The TCF was designed to cushion the adverse effects of COVID-19 on households and MSMEs; support households and MSMEs whose economic activities have been significantly disrupted by the COVID-19 pandemic, and stimulate credit to MSMEs to expand their productive capacity through equipment upgrade and research and development.
How to Apply for NMFB CBN COVID-19 Targeted Credit Facility Loan for Household and MSMES
Application Portal Link : Click Here to Register
Recommended:
nmfbloans 2021 – Covid-19 Loan | CBN nmfb.com.ng/covid-19-support Loan Application
Npower Batch C Test Portal 2021 is open – nasims.gov.ng Npower New Exam Test Portal
NPower Pre-Selection 2021 List is Out – How to Check Your Name
Npower Batch C Assessment Test 2021 – See Timetable Here
Fan Milk Plc Recruitment 2021/2022, Careers & Job Vacancies
CBN Covid-19 Loan 2021 Reopens – nmfbloans.nmfb.com.ng/covid19tcfhousehold
CBN Covid-19 Commercial Loan 2021 – nmfbloans.nmfb.com.ng Registration Form Portal
British High Commission Job Recruitment Application Form
ValueJet Airlines Recruitment Application Form Portal 2021/2022
United Nations International Children’s Emergency Fund Job Recruitment
Caleb University Recruitment Application Form Portal 2021/2022
How to be updated regularly
Kindly subscribe to the site using your Email address for more updates for FREE
- Subscribe to the site www.joecrackconcept.com using your Email address. Subscription is totally FREE
- LIKE our Facebook page for direct updates
- FOLLOW our Twitter News Handle for updates
- In case of any issue or challenge or questions, Click Here
Leave a Reply