CBN AGSMEIS Loan For SME’s and Agricultural Businesses Portal: 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
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, you can apply for the Loan with collateral for the AGSMEIS loan is been disbursed by NIRSAL Microfinance Bank and other Banks
The Agri-Business/Small and Medium Enterprise Investment Scheme is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.
CBN AGSMEIS Loan Application Requirements
• 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.
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How Does FG AGSMEIS Loan Work?
Step 1 Get Trained
Attend a compulsory training with a CBN certified Entrepreneurship Development Center (EDC).
Step 2 Apply For Loan
The Entrepreneurship Development Institute (EDI) guides and assists you in getting all necessary documents required to secure the loan
Step 3 Receive Funds
Loans are paid into the account of beneficiaries. Unqualified candidates are given feedback.
Step 4 Get Business Support Services
The Entrepreneurship Development Institute assists you to implement business plan and provide business support services commercially.
Step 5 Make Sales
Sell products and services to pay back loan and make profit.
Step 6 Repay Loan
Run your business, keep proper records, monitor sales and expenses to maximize profit and pay back the loan.
How do I access the Loan?
Get trained by first selecting a CBN-Certified Entrepreneurship Development Institute (EDI) to guide you through the loan application process and ensure that all your documents are complete.
What is the interest rate for this loan?
The interest rate is nine percent (9%) per annum.
Do I need collateral?
No, this loan scheme does not require a collateral.
Has disbursement started?
Yes we have disbursed over N25B and this is still ongoing.
How to Apply for FG AGSMEIS Loan.
Interested candidates should visit the application link via https://nirsalmfb.caderp.com/Account/Register to start their registrations online.
OTHER AGSMEIS OPPORTUNITIES
1. Business Support Providers: You can register with NIRSAL and offer your support services to the beneficiaries.
2. Vendors and Suppliers: Register and supply good quality products/equipment to the beneficiaries.
Visit https://nirsalmfb.caderp.com/account/landingpage to register.