Heritage Bank set to disburse N100 billion FG loans

Heritage Bank has been selected as one of the participating financial institutions (PFIs) to channel the N100 billion loan promised by the Federal Government to critical sectors of the economy. This is in a bid to cushion the negative impacts of the disruption brought upon the economy by the twin challenge of diminishing oil revenue and the ravaging pandemic.

The health sector is seen as the most critical of all the affected sectors. Therefore, pharmaceutical manufacturing companies, health equipment manufacturers, health service providers including hospitals and laboratories, fitness centres, blood banks, dialysis centres, distributors, and wellness centres are qualified to apply for the loan.

Each applicant can access as much as N2 billion upon approval. While interest rate presently stands at 5% per annum; it is expected to revert to 9% from March 2021

Interested health-related businesses are expected to forward loan application to the PFIs such as Heritage Bank. These banks will screen and select applicants based on the guidelines provided by the Central Bank of Nigeria (CBN). The financial institutions are also expected to recover the facility when due.

The health sector is seen as critical to the health of the nation confronted by a novel virus that has killed over 323, 000 people in the world, and set major economies such as Germany and Australia back through recession.