AGSMEIS AGRIC CBN LOAN is a federal government intervention funding scheme through CBN that promotes Agric businesses as a vehicle for sustainable economic development and employment generation.
In collaboration with (AGSMEIS), Commercial banks in Nigeria support and complement the Federal Governments’ efforts at promoting Agri-businesses/Small and Medium Enterprises.
What is AGSMEIS?
AGSMEIS means Agri-Business Small and Medium Enterprise Investment Scheme is a loan of 5% per annum implemented by the central bank of Nigeria through commercial banks as a disbursing bank for empowering potential entrepreneurs with the necessary equipment and working capital to kick start their businesses.
Benefits of AGSMEIS AGRIC CBN LOAN
If you own a business or want to start one? Agribusiness small and medium enterprises investment has been designed specifically by the federal government to promotes agricultural businesses of micro, small, medium enterprises(MSME).
AGSMEIS is a federal government intervention funding scheme through CBN that promotes Agric businesses as a vehicle for sustainable economic development and employment generation.
Features of the AGSMEIS AGRIC CBN LOAN
Interest Rate: 5% per annum
Tenor: 7 years.
Moratorium: Maximum of 18 months on Principal and 6 months on Interest
- ✔ Agricultural sector.
- ✔Real sector including Manufacturing, mining, and petrochemicals.
- ✔ Service sector including Information and Communication (ICT) and the Creative Industry.
- ✔ Other businesses as determined by the Central Bank of Nigeria (CBN).
- ✔ Duly completed application form.
- ✔ Bank Verification Number (BVN).
- ✔ Certificate of Training from recognized Entrepreneurship Development Institution (EDI) or evidence of membership of organized private sector
- ✔ Letter of Introduction from any of the following, Clergy, Village Head, District Head, Traditional Ruler, senior civil servant, etc. (for individuals/ micro enterprises only).
- ✔ Evidence of registration of business name or certificate of incorporation and filing of annual returns (where applicable) in compliance with the provisions of the Companies and Allied Matters Act (1990).
- ✔ Tax Identification Number (TIN) and current Tax Clearance Certificate TCC) where applicable.
- ✔ To qualify to access this fund, you need to have been trained by an Enterprise Development Institute after which you will fill the form. They will submit your form to CBN.
- ✔ CBN will ask banks to verify your account details and then CBN proceeds to conduct its own assessment.
What are CBN EDIs?
Central Bank of Nigeria Entrepreneurship Development Institutions are public and private institutions approved by the Central Bank of Nigeria to carry out vocational and entrepreneurship training for Entrepreneurs and SMEs
Who can apply for AGSMEIS?
All Micro, Small and Medium Enterprises in the Agriculture sector, Education, Manufacturing, Service sector, including Information and Communication (ICT) and the Creative Industry
Must I have to be certified by an Entrepreneurial development institute before I am qualified to access this loan?
YES. To be qualified to assess this loan you need to be trained and certified by any of CBN approved Entrepreneurial Development Centers closest to you. Accredited EDIs are all over the nation;
Do I need collateral for this loan?
No, You do not need a collateral
Who do I submit my application form to?
Only eligible entrepreneurs that have been trained and certified will submit their application forms to the EDIs.
If I am already in business, do I need to be certified by the entrepreneurial institutes to be qualified to access this loan?
One of the eligibility criteria is to be certified by a CBN approved Entrepreneurial development institutes.
How do I know where and who the Entrepreneurial development institutes are?
Once you apply on the AGSMEIS website and apply for training, your EDI center will be displayed to you or visit an EDI closest to you.
I have Registered for AGSMEIS Loan, completed my Training but I yet to be disbursed
If you have completed your training with your EDI and yet to get your loan, kindly rest assured, AGSMEIS will start disbursement anytime soon.
You may also apply for the 2021 Federal Government Scholarship Award | DEADLINE: 24TH JANUARY, 2021 Here
I have not applied for the AGSMEIS CBN LOAN, Can I Still Apply?
Sure, you can still apply as registration still going on. APPLY HERE
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