CBN ₦50bn COVID-19 Targeted Credit Facility Update: You no longer need a guarantor

Has it been difficult getting a guarantor to complete your application process for the  Central Bank of Nigeria’s ₦50 billion COVID-19 Targeted Credit Facility for households and SMEs? There is no need for that anymore. 

About two months ago, we reported that the federal government through the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance, Budget, and National Planning, introduced a ₦50 billion Targeted Credit Facility (TCF) as a stimulus package to assist households and micro, small and medium enterprises (MSMEs) that are affected by the coronavirus outbreak.

Also read: How African governments are playing their parts to support businesses during the pandemic

While applying, beneficiaries are expected to provide two acceptable guarantors and personal guarantee of the promoter of the business. 

Right now, the apex bank has disclosed plans to omit the need for guarantors before accessing the credit facility loan. This means that you can apply without using the help of a guarantor. 

It was also revealed in a Tweet that all successful loan applicants who have submitted their account details for the CBN ₦50bn COVID-19 Targeted Credit Facility should expect their accounts to be credited within 48 hours of such submission, or they should call 09010026900 for more details. 

Additionally, all successful applicants under the CBN ₦50bn COVID-19 Targeted Credit Facility whose accounts have not been credited should visit here to input their account details in any bank of their choice. 

In other news, the data provided by the bank from the Monetary Policy Meeting for May 2020 divulged that the apex bank has reportedly expended the total sum of ₦107.45 billion to beneficiaries from the ₦1.15 trillion COVID-19 intervention funds. 

We’ve partnered with Sidebrief, a Legal compliance company to help as many as possible businesses access and get the necessary document for the FG N50bn Covid-19 credit facility. Interested? Get started for free. 

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