The Central Bank of Nigeria (CBN) and the Bankers’ Committee, created the Agri-Business/Small and Medium Enterprise Investment Scheme AGSMEIS Loan, as an initiative to support the Federal Government’s efforts in the promotion of agricultural businesses and small/medium enterprises (SMEs) in the country, you can apply for the Loan with collateral for the AGSMEIS loan is been disbursed by NIRSAL Microfinance Bank and other Banks.
Interested Nigerian engaged in Agriculture or other SME businesses can access up to N10 Million from the AGSMEIS Loan, at a single-digit interest rate of 9% per annum. Below are the requirement and steps to access
Eligibility For AGSMEIS Loan
Businesses in the following industry are eligible for the AGSMEIS Loan:
• 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).
Requirements
• 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.
READ: How To Access CBN Loan for the Creative Industry Financing Initiative (Creative Industry Loan)
PROCESS
Step 1: Get Trained
It is mandatory for all applicants to attend training with a CBN certified Entrepreneurship Development Institute (EDI), they have centers spread across the country.
Step 2: Apply For Loan
The Entrepreneurship Development Institute (EDI) will guides and assists you in applying for the loan by getting all necessary documents required for the processing of the loan
Step 3: Receive Funds
The Loan fund is paid into the account of beneficiaries. While unqualified candidates are given feedback.
Step 4: Get Business Support Services
The Entrepreneurship Development Institute (EDI) will assist you to implement the business plan drawn and also provide business support services commercially.
Step 5: Make Sales
You sell your products and services to pay back loans and make profit, beneficiaries are expected to run the business by keeping proper records, monitor sales, and expenses to maximize profit and pay back the loan.
OTHER AGSMEIS? OPPORTUNITIES
1. Business Support Providers: You can register with NIRSAL and offer your support services to the beneficiaries.
2. Vendors and Suppliers: Register and supply good quality products/equipment to the beneficiaries.
Visit https://nirsalmfb.caderp.com/account/landingpage to register
