CBN AGSMEIS Loan 2019 application is in progress as at the time of publishing this post.
You can access up to N10M at 5% per annum from the Agric, Small and medium enterprise scheme (AGSMEIS), an initiative from Central Bank of Nigeria (CBN) – without collateral.
AGSMEIS is an initiative of the Bankers’ Committee in a bid to support and complement the Federal Governments’ efforts at promoting Agri-businesses/Small and Medium Enterprises as a vehicle for sustainable economic development and employment generation.
Objectives of Agric, Small and Medium Enterprise Scheme (AGSMEIS)
The objectives of the Scheme include :
- To ensure Small and Medium Enterprises (SMEs)have access to finance
- To generate much-needed employment opportunities in Nigeria
- To develop agricultural value chain and ensure sustainable agricultural practices.
- To boost the managerial capacity of Agri-Business/SMEs as pipelines of growing enterprises that can become huge corporate organizations.
AGSMEIS Loan Eligibility
MSMEs in the following sectors are eligible:
- Agricultural businesses,
- Education,
- Health,
- Services (Hospitality, Restaurants, Catering, Services, etc),
- ICT,
- Manufacturing/Production,
- Mining,
- Creative Industry (Fashion, Design, Crafts, Entertainment, etc),
- etc
How To Apply For AGSMEIS Loan In Nigeria Without Collateral
Step 1
Get Trained
Attend a one week compulsory training at a CBN certified Entrepreneurship Development Institute (EDI). You can check the list of CBN EDC Centres in Nigeria.
Step 2
Apply For Loan
The Entrepreneurship Development Institute (EDI) guides and assists you in getting all necessary documents required to secure the loan. There is agsmeis loan application form pdf sample I uploaded online for informative purpose. You can get the current application form from the CBN EDC that trained you.
Step 3
Receive Funds
Loans are paid into the account of beneficiaries. Unqualified candidates are given feedback.
Step 4
Get Business Support Services
The Entrepreneurship Development Institute assists you to implement business plan and provide business support services commercially.
Step 5
Make Sales
Sell products and services to pay back loan and make profit.
Step 6
Repay Loan
Run your business, keep proper records, monitor sales and expenses to maximize profit and pay back the loan.
What is AGSMEIS Loan Interest Rate?
Five percent(5%) for the first five(5) years. If you obtain One Million Naira(N1,000,000), you will pay back One Million Fifty Thousand Naira(N1,050,000) throughout the duration of the loan.
More info at : www.nmfb.com.ng/sme
About NMFB
The National Microfinance Bank is a leading Nigerian financial institution licensed by the Central Bank of Nigeria (CBN) in Nigeria. The Company was incorporated as a Private Limited Company in 2019 and commenced operations following the grant of a licence by the Central Bank of Nigeria to operate as a National Microfinance Bank in the same year. It is Owned 50% by the Bankers Committee, 40% by NIRSAL and 10% NIPOST. So far the bank has disbursed approximately 776 million in loans to eligible SMEs under the AGSMEIS.
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