Small Business Recovery Loan Fund 2021/2022: See How to Apply and Get Paid – Do you need a loan? Do you want to be a beneficiary of one of the best paying loans institutions in Nigeria? The opportunity is here for you to apply for the ongoing loan exercise termed Small Business Recovery Loan. All you need to apply and portal for a successful application are all contained here
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The Small Business Recovery Loan Fund makes available nearly $500 million to provide loans to businesses that experienced financial hardship resulting from the COVID-19 pandemic.
Businesses that received a Small Business Recovery Loan in 2020 are eligible to apply to refinance their loan under the new guidelines to receive a longer term and/or larger amount.
Please note that this is a loan program, not a grant program.
Yes. After you submit your application, you will be able to log into your account to see where your application is in the process. Your application will be in one of the following stages: submitted, in review, approved, declined, funding pending, or funded.
Yes. A credit report for the business will be reviewed as part of all loan applications. To be eligible for a loan, the credit report must be free of any creditor collection efforts or creditor charge-offs from telecommunications, utilities or rent creditors in calendar year 2019. Additionally, NMFA will utilize enhanced technology in order to verify applicant identity.
For applicants seeking greater than $75,000, the credit report must meet the above requirements and a personal guarantee is required for the amount above $75,000. If the credit report has credit collection efforts or creditor charge-offs in calendar year 2019 other than those described above, the applicant will be required to provide collateral on the loan amount above $75,000.
NMFA is using a system that may require you to answer additional questions to verify your identity. This system was implemented to guard against fraud and to protect the state’s investment in New Mexico businesses. In the application, you may need to provide a phone number and choose to receive either a text message or a voice message, after which you’ll be asked a series of questions that must be answered correctly before proceeding with the application.
Am I still eligible to apply?
Yes. Lack of credit will not negatively affect your loan application.
An Authorized Officer is the person authorized by the applicant as having the requisite power and authority to sign the Officer’s Certificate and legally bind the applicant to its obligations under the Loan Agreement.
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