Unleash Your Business Potential: An Expert’s Guide to CBN’s AGSMEIS Loans with Zero Collateral
Get the latest information on CBN’s AGSMEIS Loan with Zero Collateral. Learn about the requirements and step-by-step process for application. Boost your small or medium-sized business with a loan up to N10 million with 9% yearly interest, a 7-year term, and 18-month moratorium.
Are you an aspiring entrepreneur in Nigeria looking to finance your business dream?
Look no further! The Central Bank of Nigeria has made it possible for MSMEs (micro, small and medium-sized businesses) to receive zero collateral loans, designed to boost employment and promote sustainable economic growth in the country.
With over N95 billion disbursed, it’s time to explore if the AGSMEIS loan is right for you.
What You Need to Know About CBN’s AGSMEIS Loan
- The AGSMEIS loan offers up to N10 million with 9% yearly interest, a 7-year term and an 18-month moratorium.
- Businesses in all areas of the agricultural value chain and in the manufacturing, mining and petrochemical sectors are eligible. Service-based MSMEs, especially in creative, ICT and other approved industries, can also apply.
Requirements for CBN AGSMEIS Loan
- Registered business with CAC
- Certification from an EDI
- Passport photo and a guarantor
- Valid I.D. card
Complete Guide to Loan Application
- Complete Entrepreneurship Training: To receive the loan, applicants must complete a one-week training program at the Oko-Oba Agege/EDI Centre in Lagos, certified by NIRSAL MFB (EDI).
- Apply Online: After receiving training and obtaining a certificate of completion, apply for the loan online through the NIRSAL MFB portal.
- Review and Interview: Once your application is submitted, it will be reviewed by the CBN, and you may be contacted for an interview about your business.
- Receive Funds: If approved, the loan amount will be transferred to your NMFB account. The purchase of equipment/machinery will be handled by a certified vendor, while working capital can be accessed through your account after meeting terms and restrictions.
Loan Disbursement and Utilization
If approved, the loan amount will be deposited into your NIRSAL MFB account, while the purchase of equipment/machinery will be handled by one of the NIRSAL MFB’s certified vendors. The working capital will be accessible through your account once you meet all terms and restrictions.
In case you are not qualified, comments will be provided for improvement.
Don’t let a lack of collateral hold you back from turning your business ideas into a reality. Take advantage of this exciting opportunity and unleash your potential with CBN’s AGSMEIS loans.
In conclusion, the CBN AGSMEIS loan is a perfect opportunity for MSMEs to unlock the potential of their agricultural business and contribute to the growth of the Nigerian economy. Don’t miss out on this chance to take your business to the next level.