Applicants can receive up to N10 million through the CBN AGSMEIS loan, which has an annual interest rate of 9%, a term length of 7 years, and a moratorium period of 18 months.
AGSMEIS LOAN SCHEME. Grow your business with the assistance of NMFB, a true MSME partner you can count on. An effort with the objectives of promoting sustainable development and expanding chances for employment Apply as soon as possible.
Do you now have a job in the agriculture industry, or are you planning to start a small or medium-sized business in the sector? If this is the case, you may be qualified for a fast AGSMEIS Loan, which can assist you in getting started and allow you to spread out your payments over a longer period of time. Below you can find all of the information you require regarding AGSMEIS, including the application process that may be completed in a hurry for their loan.
Contents
Brief Introduction to AGSMEIS
Through the NIRSAL AGSMEIS loan program, the Central Bank of Nigeria (CBN) and the Nigerian Microfinance Bank are collaborating to provide members of the general public with loans at rates of interest that are more affordable. The primary objective of this loan is to provide monetary assistance in the event of a pandemic.
The Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) is a company that was established with the intention of assisting the activities and policies of the Federal Government in their efforts to grow agricultural enterprises and small/medium businesses. You, as the owner of a business, can use this program to obtain a speedy loan without having to put up any collateral in order to assist your company in growing.
What documentation is required to acquire an AGSMEIS loan?
To get this loan, you are going to require some vital documents, which are as follows:
1. Duly completed AGSMEIS loan application form.
2. Bank Verification Number (BVN).
3. Certificate of Training from any authorized Entrepreneurship Development Institution (EDI) or proof of membership in standardized private sector
4. Recommendation letter from either your Priest, district chief, village head, or orthodox ruler. This document is for senior civil servants, etc. (for individuals/small businesses only)
5. Proof of your business name registration or organization registration certificate and yearly filing (if applicable) as needed by the standard Company and Affiliate Act (1990).
6. Your Tax Identification Number (TIN) and your current withholding certificate (if it’s applicable).
Please be aware that in order to be considered for an AGSMEIS loan, you will need to have successfully completed your training at any NIRSAL-certified Enterprise Development Institute. After that, you will be able to finish filling out the appropriate form. This application will be submitted to the CBN by your training institute. After that, the CBN will request that the details of your account be verified by your bank and will still evaluate you.
Which types of businesses are qualified to apply for this loan?
The following is a list of the various types of businesses that could potentially qualify for this loan:
1. Creative & Art Industries
2. Fashion, Beauty
3. Industrial & Manufacturing
4. Agriculture & Allied Processing
5. Apparel & Textile
6. Arts & Entertainment
7. Information & Communication Technology
8. Automobiles
9. Telecommunication
10. Hospitality
11. Media & Publishing
12. Catering & Event Management
AGSMEIS loan application process?
The first thing that has to be done is training, and anyone who is interested should sign up for a course that is provided by an Entrepreneurship Development Institute that is recognized by NIRSAL MFB (EDI). You will be qualified for a certificate of completion upon successful completion of the program if you completed the requisite training at Oko-Oba Agege/EDI Centre, Lagos State Ministry of Agriculture, for the full week. If you do this, you will be able to receive the certificate.
- Applicants who have first completed the training offered by the Entrepreneur Development Institute (EDI) in Lagos State are then eligible to use the NIRSAL MFB portal to submit an online application for a loan. After they have finished the course, they are required to upload the completion certificate as well.
- When you have finished browsing the NIRSAL MFB webpage (nmfb.com.ng), choose the AGSMEIS loan option, and then choose the Ministry of Agriculture as the applicant for Industrial Development Institution (EDI) status.
- Following that, the CBN will receive the applications and review them before making a decision. Applicants will be contacted by the company in order to schedule an interview there.
Applicants who are able to demonstrate that they satisfy the conditions will be contacted and given the opportunity to receive a loan. - When the loan is eventually allowed, the money will be placed into the bank accounts of those individuals who are going to profit from the loan. Applicants who do not meet the requirements may request comments on their application.
- Please be aware that the sum of the loan will be deposited into the NMFB account that you have specified. You will be able to withdraw the working capital through your account once you have satisfied all of the requirements and restrictions. Additionally, the acquisition of any gear or equipment that you need will be taken care of by one of the certified vendors that NMFB works with.
How much is the interest on this loan?
The interest rate on the AGSMEIS loan is only 5% per year at the moment. So, you have to pay back
your loan amount plus interest every year.
AGSMEIS Loan Approval
It’s easy to find out if AGSMEIS has approved your loan application. After you fill out the loan application, you will get a text message with a link to the NMFB portal. Try this:
- AGSMEIS loan approval: Fill form, get text, click link, choose loan type.
- Verify account with BVN: Enter and see confirmation amount if approved.
- Provide bank account info after loan approval for funds transfer.
- Loan amount depends on business plan, financials, and credit history.
- AGSMEIS supports MSMEs in Nigeria to boost the economy.
- Have a solid business plan before applying for AGSMEIS loan.
- AGSMEIS offers competitive rates and flexible repayment terms.
How can I contact AGSMEIS?
You can contact AGSMEIS through any of these ways:
Address: House 1, Plot 103 /104, Monrovia Street, Wuse 2, Abuja
Email Address: info@nfmb.com.ng
Phone Number: +2347041800003
Website: www.agsmeisapp.nfmb.com.ng
Leave a Reply