CBN Demands N10,000 from Business Owners Applying For COVID-19 Fund
CBN Demands N10k from Business Owners Applying For COVID-19 Fund: Central Bank f Nigeria (CBN) says, any small and micro business owners in the country who wants help form the covid-19 intervention fund, must first make a deposit of a non-refundable fee of 10,000 naira
It could be recalled, CBN promised to raise 50B naira Targeted Credit Facility to households and small businesses affected by Covid-19 pandemic. also see https://myeduproject.com.ng/cbn-2020-2021-intake-application-update-and-reviews
Small businesses and poor families affected by the deadly pandemic will pay a non-refundable fee of 10,000 naira for be qualified to apply for the covid-19 intervention fund
The fee of 10,000 will be made available to NIRSAL Microfinance Bank, by those seeking to get help from the Federal Government through the CBN
The statement further reads, only small businesses and poor household impacted by the deadly covid-19 pandemic can apply for intervention loans.
The CBN had announced in March that it would give a N50bn Targeted Credit Facility to households and small businesses affected by Coronavirus.
To this end, only the affected are to apply, as tougher and sticker rules for collection will be formulated and monitored, the Apex bank alleged
“Businesses eligible for the scheme are agricultural value chain activities, hospitality, health (pharmaceuticals and medical supplies), airline service providers, manufacturing and value addition, and trading.
The maximum amount to be received depending on proof of cash flow of investment size is N25m while households can access N3m with an interest rate of five per cent per annum for a maximum period of one year.
However, the designated administrator for the facility, NISRAL Microfinance Bank, has insisted that in order to process loan applications of struggling small businesses, applicants have to pay N10,000.”