Happening Now: COVID-19 TCF Loan Disbursement, Approval on going | Check your Status

The new year has ushered in another round of Disbursement/Approval for the COVID-19 Targetted Credit Facility Loan which has continued to put smiles on the faces of thousands of Nigerian Small Business owners as applicants rejoice again.

The COVID-19 Targetted Credit Facility Loan is a palliative Loan introduced by the Federal Government in April, 2020  to cushion the effect of the COVID-19 pandemic on Small and Medium Enterprises  (SMEs) which featured the SME and Household Loans and disbursed by the NIRSAL Microfinance Bank at 5% interest rate for the 1st year and 9% interest rate for subsequent years for 3years maximum duration.

A confirmed report on the progress of the Scheme indicates that with the recent increase in the funding, many applicants of the program would continue to smile to the banks as the New breaks into numerous opportunities. 

Kindly note that you may not get an approval SMS due to reasons stated below:

• COVID-19 Targetted Credit Facility: Why you may miss the TCF Loan |a must read
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• COVID-19 Targetted Credit Facility: Solutions to problems associated with accessing the Loan

Waiting for approval or Disbursement?, you can check your status always as follows:

1. Open https://covid19.nmfb.com.ng

2. When it loads, select the type of Loan you applied for. Either SME or Household

3. Enter your BVN. Do not worry, the website is safe. That's the official website of Nirsal Microfinance Bank.

4. A response will be displayed. 

(A) If it pop-up select Bank Name and Enter Account Number, you had made obviously made a mistake during your loan acceptance. You entered your Account Name instead of Bank Name. Just do as required and resubmit. 

(B) If it says your Loan has been approved, it will load your details asking you to accept your Loan offer. Proceed to complete the process and enter bank name and your account number. Avoid mistakes here.

(C) If it says 'Your loan has not been approved, check back later, kindly check back later as they said.

(D) If it however displays "BVN does not exist", do not panic. Just keep checking back from time to time as approval is on going and hope is high.

Note that Approval is done in batches and not a sole decision of the Nirsal Microfinance Bank -the NFMB sends application to CBN, CBN reviews and approves, gives order to NMFM to disburse the fund. According to CBN, the loan approval/disbursements is based on the activity, cash flow, and industry size of the beneficiaries. Just be patient.