The CBN has introduced a 50 Billion Naira Non-Interest Targeted Credit Facility to support Households and MSEs in Nigeria. These loans are non-interest and collateral-free unlike COVID-19 TCF and AGSMEIS which are interest based. It targeted households, Small and Medium Enterprises and Agric-Business/Small and Medium Enterprises. 

The loan for individuals and Small and Medium Enterprises is tagged Targeted Credit Facility (TCF) and it is in two forms: Seven Hundred and Fifty Thousand Naira ( ₦750,000) and Five Hundred Thousand Naira ( ₦500,000). The one for Agric-Business/Small and Medium Enterprises is tagged Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS) and it is up to Three million Naira (₦3,000,000).

𝟏) 𝐍𝐎𝐍-𝐈𝐍𝐓𝐄𝐑𝐄𝐒𝐓 𝐓𝐂𝐅 

Loan Amount: ₦500,000 or ₦750,000

Moratorium: Up to 12 Months

Tenor: Up to 36 Months

𝟐) 𝐍𝐎𝐍-𝐈𝐍𝐓𝐄𝐑𝐄𝐒𝐓 𝐀𝐆𝐒𝐌𝐄𝐈𝐒

The Non-Interest AGSMEIS Traders dealing in foodstuff, electronics, allied products, computers/phones, spare parts, building material, transportation, etc.

 Loan Amount: Up to ₦3,000,000

Moratorium: Up to 12 Months

Tenor: Up to 36 Months

 

𝐍𝐨𝐭𝐞 that if you have benefited from the COVID-19 TCF, you are not eligible for the new non-interest TCF. However, you are eligible to apply for the Non-interest AGSMEIS of ₦3,000,000 and if you have already benefited from the regular AGSMEIS programme, you are also not eligible to apply for the new non-interest AGSMEIS. However, you can apply for the non-interest TCF of N500,000 or ₦750,000.

Also, the application for the non-interest TCF of ₦500,000 or ₦750,000 has no special requirements, application for the regular and Non-interest AGSMEIS of ₦3,000,000 requires applicants to undergo compulsory short business training, certification and business plan from CBN approved Enterprise Development Institutes (EDIs).

To apply for ₦500,000 Non-Interest Targeted Credit Facility [Household], click here.

To apply for ₦750,000 Non-Interest Targeted Credit Facility [SME], click here.

 For the ₦3,000,000 Non-Interest and collateral-free AGSMEIS facility, see more details and how to apply through EDI at Ten Loan.

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