The Central Bank of Nigeria(CBN) COVID-19 loans has been described as a bridge too far by Many Micro, Small and Medium Enterprises who are members of the organised private sector(LCCI,MAN) who say the loans are impossible to obtain.
It should be recalled that the loans were made available by the apex bank to aid MSMEs and households impacted by the coronavirus pandemic.
Information made available to us from the organised private sector groups claims that those who applied via the NISRAL’s online platform did not get an acknowledgment of their applications while only a few got feedbacks from the organization.
However, the belief by many is that the problem could be a teething one which would be sorted out as time goes on.But given the COVID-19 situation which has forced many to work via the online channels alone without the usual human touch it becomes difficult when hitches are experienced.
CBN had introduced a N50bn COVID-19 Targeted Credit Facility aimed at providing financial relief to households and small businesses as they cope with the economic impact of the pandemic. The apex bank said the loan disbursements would be based on the activity, cash flow, and industry size of the beneficiaries.
It had maintained that each eligible MSMEs would receive a maximum of N25m while qualified households could access a maximum of N3m each. For easier access to the loan facility, the CBN promised to waive the provision of guarantor requirements for applicants.
As an addendum, the apex bank stressed all applicants to the N50bn credit facility that had successfully completed the application processes and submitted their account details should expect credit alerts 48 hours afterward. Thus, maintaining that it intends to go about the loan with the speed and urgency it requires.