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N50bn CBN Loans To SMEs, Others End 2024

The Central Bank of Nigeria has set December 31, 2024 exit date for its intervention loans to the Small and Medium Enterprises and households aimed at cushioning the effects of coronavirus on businesses and the people.

According to The Punch, the CBN also gave December 31, 2030 as the exit date for the COVID-19 intervention funds for the pharmaceutical sector in its guidelines for the funds.

Recently, the banking regulator disclosed a combined N150bn intervention fund to ease the impact of the pandemic on some sectors.

As part of its measures to cushion the impact of the coronavirus pandemic on the economy, the CBN introduced a N100bn credit support intervention for the healthcare industry.

This was with a view to strengthening the sector’s capacity to meet potential increase in demand for healthcare products and services.

Specifically, the scheme was to provide credit to indigenous pharmaceutical companies and other healthcare value chain players intending to build or expand capacity.

It was also expected to increase private and public investment in the healthcare sector; facilitate improvements in healthcare delivery and reduce medical tourism to enhance foreign exchange conservation.

The CBN introduced the N50bn Targeted Credit Facility as a stimulus package to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic, and guidelines to access the funds.

To access the loan, it stated, “Eligible households or the MSMEs shall submit applications directly to NIRSAL Microfinance Bank; and the application must, among others, contain the BVN number.

Source : The Punch

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