The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) is currently receiving applications from small businesses across the country as part of its N5 million matching fund programme.
Apply for Bank of Agriculture Loan, Agri-businesses, 5,000,000 Naira.
The Agricultural Bank (BOA) is the main platform through which the Federal Government of Nigeria provides funds to farmers to help them expand their farming activities.
Farmers mean those who work in various agricultural activities such as poultry farming, fishing, pig farming, food packaging and other areas of agriculture.
In this article, we will review the loan portal of the Agricultural Bank and the requirements for agribusiness: the portal and the types of loan loans of the Agricultural Bank (BOA).
The Agricultural Bank was initially overseen by the federal government and incorporated by the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance as a subsidiary.
If you are a farmer who needs a loan to run your farm, the BOA should be your first stop, whether you are a natural person or a registered association. Agricultural Bank loan portal and requirements for agribusiness.
Types of Bank Of Agriculture Loans
Below are the different types of loan available agribusinesses via the BOA;
1. BOA Micro credit loans
This loan scheme is designed for farmers who are into fishing, horticulture, agro-processing, livestock, and other related fields. Individuals and cooperative society members can apply for this loan.
Requirements for the loan:
- 2 guarantors
- 20% partial payment upfront
- Loan amount requested must not be above N250,000
- Loan tenure must not exceed 2years
- Annual interest rate is 12%
2. BOA Grow and Earn More (GEM)
Grow and Earn More loan scheme is designed to help women who are farmers and are interested in increasing the scale of their farming business. This is in order to help the deal with the challenge of financing that most farmers have.
- You must hold an account with the Bank of Agriculture office close to your project for at least 3 months
- Loan amount must not exceed N1 million
- Loan is based on project type
- 2 guarantors
- 10% partial payment upfront
Annual interest rate is 14%
3. BOA Small and Medium Enterprises (SMEs) Loan
This loan is available to persons whose projects are agricultural based. Up to 5,000,000 naira loan is up for grab in this scheme.
Documents Required to open an account:
- Filled and duly signed form
- A signed letter of intent, addressed to the Bank of Agriculture
- Updated mandate
- Photocopy of valid means of identification
- Copy of the most recent utility bill
- 3 passport photos
- N3,000 part payment
- Signed letter of set-off
Apply Here: http://www.boanig.com/loan-service/
Bank of Agriculture Contacts Contact
To contact BOA, visit No, 1 Yakubu Gowon Way, P.M.B 2155, Kaduna, Nigeria. Phone: +234 7040202222; Email: [email protected]
Applying for and getting a loan from the Bank of Agriculture is very easy. Once you fulfill all the requirements listed in the article, the loan amount will be disbursed to you.