Do you want to access the Central Bank of Nigeria, CBN AGSMEIS Loan For SME’s and Agricultural Businesses? If yes, please carefully go through this article to avoid making any mistake while applying online.
The Central Bank of Nigeria (CBN) and the Bankers’ Committee, created the Agri-Business/Small and Medium Enterprise Investment Scheme AGSMEIS Loan, as an initiative to support the Federal Government’s efforts in the promotion of agricultural businesses and small/medium enterprises (SMEs) in the country.
The AGSMEIS loan is been disbursed by NIRSAL Microfinance Bank and other Banks and you can apply for the Loan without any collateral.
Interested Nigerian engaged in Agriculture or other SME businesses can access up to N10 Million from the AGSMEIS Loan, at a single-digit interest rate of 9% per annum. Below are the requirement and steps to access.
Eligibility For AGSMEIS Loan
Businesses in the following industry are eligible for the AGSMEIS Loan:
• Agricultural sector.
• Real sector including Manufacturing, mining, and petrochemicals.
• Service sector including Information and Communication (ICT) and the Creative Industry.
• Other businesses as determined by the Central Bank of Nigeria (CBN).
• Duly completed application form.
• Bank Verification Number (BVN).
• Certificate of Training from recognized Entrepreneurship Development Institution (EDI) or evidence of membership of organized private sector
• Letter of Introduction from any of the following, Clergy, Village Head, District Head, Traditional Ruler, senior civil servant, etc. (for individuals/ micro enterprises only).
• Evidence of registration of business name or certificate of incorporation and filing of annual returns (where applicable) in compliance with the provisions of the Companies and Allied Matters Act (1990).
• Tax Identification Number (TIN) and current Tax Clearance Certificate TCC) where applicable.
• To qualify to access this fund, you need to have been trained by an Enterprise Development Institute after which you will fill the form. They will submit your form to CBN.
• CBN will ask banks to verify your account details and then CBN proceeds to conduct its own assessment.
How to Apply for CBN AGSMEIS Loan For SME’s and Agricultural Businesses
Interested and qualified applicants should Click Here to Apply Online
Step 1: Get Trained
It is mandatory for all applicants to attend training with a CBN certified Entrepreneurship Development Institute (EDI), they have centers spread across the country.
Step 2: Apply For Loan
The Entrepreneurship Development Institute (EDI) will guides and assists you in applying for the loan by getting all necessary documents required for the processing of the loan
Step 3: Receive Funds
The Loan fund is paid into the account of beneficiaries. While unqualified candidates are given feedback.
Step 4: Get Business Support Services
The Entrepreneurship Development Institute (EDI) will assist you to implement the business plan drawn and also provide business support services commercially.
Step 5: Make Sales
You sell your products and services to pay back loans and make profit, beneficiaries are expected to run the business by keeping proper records, monitor sales, and expenses to maximize profit and pay back the loan.
OTHER AGSMEIS? OPPORTUNITIES
Business Support Providers: You can register with NIRSAL and offer your support services to the beneficiaries.
Vendors and Suppliers: Register and supply good quality products/equipment to the beneficiaries.
Visit AGSMEIS LOAN APPLICATION PORTAL to register
This Application is totally free of charge. At no point will the central bank ask you to pay for any of the application stages. Do not be a victim of fraudsters who might call you, text or email you asking you for any form of payment.
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