Apply Today N10 million CBN AGSMEIS 5% Loan Today: Looking for funding for your SME or agricultural business in Nigeria? Check out the Central Bank of Nigeria’s AGSMEIS loan scheme, offering loans of up to N10 million at a 5% interest rate per annum.
This blog post covers the objectives and requirements of the scheme, as well as the businesses and activities it covers. Find out how to apply and start growing your business today.
CBN AGSMEIS Loan Supports Agricultural Businesses and SMEs
Accessing the AGSMEIS Loan
Small and Medium Enterprises (SMEs) and agricultural businesses in Nigeria can now access up to N10 million loan through the Central Bank of Nigeria (CBN) Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS) at an interest rate of 5% per annum.
To access the loan, interested applicants must meet some conditions, including being trained by an Entrepreneur Development Institute (EDI), filling out the new form with all required details, and getting them authenticated by EDC. Additionally, the maximum loan tenor is seven years, while the moratorium period is 18 months.
Objectives of the Scheme
The objectives of AGSMEIS include ensuring access to finance for SMEs, generating employment opportunities, developing the agricultural value chain, and boosting the managerial capacity of Agri-Business/SMEs as pipelines of growing enterprises that can become huge corporate organizations.
Activities Covered by AGSMEIS
The activities covered by AGSMEIS include businesses across the agricultural value chain, MSMEs in the real sector (including manufacturing, mining, and petrochemicals), and MSMEs in the service sector (including ICT and the creative industry). The Bankers’ Committee reserves the right to include other activities at their discretion.
Requirements for AGSMEIS Loan Application
To apply for the AGSMEIS loan, applicants must meet the following requirements:
- Have a registered business with CAC.
- Provide evidence of tax payments.
- Have a BVN.
- Provide a letter of introduction.
- Provide a letter of guaranty.
- Obtain certification by an EDI.
- Submit passport photos of both the applicant and the guarantor.
- Present a valid ID card.
The guarantor for the loan can be a friend or spouse, while the letter of introduction can be written by any of the following: Pastor, Chief Imam, LGA Chairman, CDA Chairman, Village Head, Senior Civil Servants Level 14 above, or MD of Blue Chip Companies.
In conclusion, the CBN AGSMEIS loan is a great opportunity for Nigerian SMEs and agricultural businesses to access funds to grow their businesses. Interested applicants can find the link to the application form online and should ensure they meet all the requirements before submitting their applications.