CHECK COVID19 LOAN Targeted Credit Facility (TCF)

 

Targeted Credit Facility (TCF) COVID19 Beneficiary Information Management System(BIMS)

The corona virus (COVID-19) pandemic has led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment event, lockdown of large swaths movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world. These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production. In this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic. 

 Objectives of the Facility 

The broad objectives of the CBN’s N50 billion Targeted Credit Facility include: 

i. Cushion the adverse effects of COVID-19 on households and MSMEs;

 

ii. Support households and MSMEs whose economic activities have been significantly disrupted by the COVID-19 pandemic.

 iii. Stimulate credit to MSMEs to expand their productive capacity through equipment upgrade, and research and development.

3.0 Eligible Participants 

i. Households with verifiable evidence of livelihood adversely impacted by COVID-19; and 

ii. Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic. 

iii. Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.

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