You Don’t Need Guarantor For Covid-19 Loans, Says CBN

The Central Bank of Nigeria (CBN) says that households and SMEs applying for the N50 billion COVID-19 Targeted Credit Facility would not be required to provide guarantors.

A Central Bank of Nigeria twitter message (@cenbank) on June 8, 2020 says: ”CBN waives the requirement for the provision of guarantors by Households and SMEs applying for its N50bn COVID-19 Targeted Credit Facility.”

Following this development, CBN says: “All successful Household and SME applicants who have submitted their account details for the CBN N50bn COVID-19 Targeted Credit Facility should expect their accounts to be credited within 48 hours of such submission, otherwise they should call 09010026900.”

The CBN N50 billion Covid-19 Targeted Credit Facility aims to provide financial relief to households and small businesses negatively affected by the Covid-19 pandemic. Eligible small and medium enterprises can receive up to N25 million while qualified households can access a maximum of N3 million each.