Apply for Central Bank of Nigeria (CBN) 2022 Agri-Business/ MSME Investment Scheme (AGSMEIS)
Please note that CBN AGSMEIS loan application is still ongoing and we’re here to show you how to apply for a loan. With AGSMEIS, you can get up to 10 million N10 million loan from CBN. There is only 5% interest rate without deposit.
Before we show you how to apply for CBN AGSMEIS loan, let’s give you more clarifications by answering some pressing questions.
Are you in agribusiness? Do you want to start your own small / medium-sized business? If so, relax this article is for you. Make sure to read to the end so you understand what the Agri-Business / MSME Investment Program 2021 (AGSMEIS) is and how it will be implemented.
We are excited to announce to the general public and stakeholders that the Agri-Business / MSME Investment Scheme (AGSMEIS) 2021 portal is now open to Nigerians.
The investment program for agribusiness / small and medium-sized enterprises is an initiative to support the efforts and political measures of the federal government to promote agribusiness and small / medium-sized enterprises (SMEs) as vehicles for sustainable economic growth and job creation.
To walk you through the loan application process and ensure that all of your documents are complete, get training first by opting for a CBN certified Entrepreneurship Development Institute (EDI).
Functional Training Areas for Entrepreneurship Development Centers Under AGSMEIS include:
1. Agriculture & Agro-allied processing
2. Art & Entertainment
3. Automobile Services
4. Fashion and Dressmaking
5. Catering & Event Management
6. Courier & Delivery Services
7. Creative Industry
8. Apparels and Textiles
9. I.C.T 10. Cottage Industry
15. Health Services
16. Welding & Fabrication
17. Animal Husbandry
18. Cosmetics, Beauty and Makeup Artistry
19. Electrical and Electronics
20. POP and Tiling
CBN AGSMEIS Loan Conditions
Here are conditions that must be met begore you can access CBN AGSMEIS;
- Applicant must have been trained by an Entrepreneur Development Institute (EDI)
- Must apply for the loan through EDI, and from there the applications will be sent to CBN for processing.
- Applicants will be called for an interview regarding his/her business, and those qualified will be contacted and given the loan.
Requirements for CBN AGSMEIS loan
Below are the loan requirements for approval and disbursement of funds to applicants;
- Business must be registered with Cooperate Affair Commission (CAC).
- Must privide evidence of tax payments
- Bank Verification Number (BVN)
- Letter of Introduction
- Valid government issued ID card
- Certification by an EDI
- Passport photo of applicant and guarantor
- Letter of Guaranty
Who can write letter of introduction for CBN AGSMEIS loan?
Any of the following can write the letter:
- Your Pastor
- LGA Chairman
- Village Head
- Chief Imam
- CDA Chairman
- Senior Civil Servant (above level 14)
How Does It 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.