N50 billion SME fund receives over 80,000 applications, disbursement begins this weekend

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Over 80,000 small and medium businesses and households have submitted applications for the stimulus loan driven by the Central Bank of Nigeria. The data was made available by NIRSAL Micro Finance Bank, the outfit entrusted with disbursement of the fund.

The bank said the loan is expected to be disbursed to successful applicants from this weekend, April 23-24th, baring any last minute changes. This effort is aimed at cushioning effects of the ongoing economic and social lockdown.

Application is still ongoing. See guidelines for applying for the fund:

The impacts of the current pandemic on businesses and households are becoming austere. While many firms have had to ask employees to work from home, lack of movement has limited or totally stopped revenues. As a consequence, workers are being furloughed or laid off.

To mitigate the overall impacts on the economy of Nigeria, the apex bank, CBN, installed the stimulus fund along several other intervention packages for critical sectors earlier in the year. The fund is attached to FG’s targeted coffer tagged the Micro, Small and Medium Enterprise Fund.

Business applicants can access as much as N25 million while households peak is pegged at N3 million.

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Toyin Afilaka
Toyin Afilaka
Toyin Afilaka writes with simplicity and insight. He aims to enrich the Nigerian small business landscape. Through Hustle24 he connects entrepreneurs with information about new policies, enterprise solutions and opportunities that will aid their 'hustle'. He has written extensively for CobraReview, a product review portal, and served as a lead project manager for MarketingMix where he consulted as PR consultant for MTN Project Fame and Business Next Titan etc.

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