CBN AGSMEIS N10 million Loan Application Guide can be accessed below.
The Agricultural Small and Medium Enterprises Investment Scheme (AGSMEIS) loan, offered by the Central Bank of Nigeria (CBN), can provide up to N10 million in funding to eligible small and medium-sized enterprises (SMEs) in the agriculture sector. The loan has a competitive annual interest rate of 9%, a term length of 7 years, and a moratorium period of 18 months.
This loan scheme is aimed at promoting sustainable development and expanding employment opportunities in Nigeria. The CBN has partnered with the Nigerian Microfinance Bank (NMFB) to offer this loan to eligible SMEs.
If you are currently employed in the agriculture industry or are planning to start a small or medium-sized business in the sector, you may be eligible for the AGSMEIS loan. The loan can help you get started and allow you to spread out your payments over a longer period of time, making it easier to manage your finances.
To apply for the AGSMEIS loan, you can visit the NMFB website and complete the application process online. The process is straightforward and can be completed quickly, making it easier for SMEs to access the funding they need to grow and thrive.
Introduction to AGSMEIS
Overall, the AGSMEIS loan scheme is a great opportunity for SMEs in the agriculture sector to access funding at competitive rates and with flexible repayment terms. By partnering with NMFB, the CBN has shown its commitment to supporting SMEs and promoting economic growth and development in Nigeria.
The Central Bank of Nigeria (CBN) and the Nigerian Microfinance Bank are partnering to provide the NIRSAL AGSMEIS loan program to the general public. The loan program offers more affordable interest rates to borrowers and is designed to provide financial assistance during times of crisis, such as pandemics.
The Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) was established with the primary objective of supporting the policies and activities of the Federal Government in promoting the growth of agricultural enterprises and small and medium-sized businesses in Nigeria. As a business owner, you can take advantage of this program to obtain a quick loan without the need for collateral, which can help your company grow.
The AGSMEIS loan program is available to eligible SMEs in Nigeria and can provide funding for up to N10 million with an interest rate of 9% per annum. The loan has a repayment period of up to 7 years, with an 18-month moratorium period. The loan can be used for various purposes, including the purchase of equipment, working capital, and the expansion of the business.
To apply for the AGSMEIS loan, you need to submit a business plan, CAC registration documents, and a bank statement. The loan application process can be completed online through the NMFB website, and once approved, you will receive the funds directly to your bank account.
Overall, the AGSMEIS loan program is a great opportunity for eligible SMEs in Nigeria to access funding with more affordable interest rates and flexible repayment terms. The program aligns with the government’s efforts to promote economic growth and development in Nigeria, particularly in the agriculture sector and small and medium-sized businesses.
To apply for an AGSMEIS loan, several documents are required, including:
- A duly completed AGSMEIS loan application form.
- Bank Verification Number (BVN).
- A certificate of training from an authorized Entrepreneurship Development Institution (EDI) or proof of membership in a standardized private sector organization.
- A recommendation letter from either your Priest, district chief, village head, or orthodox ruler. This document is required for senior civil servants, etc. (for individuals/small businesses only)
- Proof of your business name registration or organization registration certificate and yearly filing (if applicable) as required by the standard Company and Affiliate Act (1990).
- Your Tax Identification Number (TIN) and your current withholding certificate (if applicable).
It’s essential to note that to be considered for an AGSMEIS loan, you need to have successfully completed your training at any NIRSAL-certified Enterprise Development Institute. Once you have completed your training, you can fill out the appropriate form, which will be submitted to the CBN by your training institute. The CBN will then request that your bank verifies the details of your account and evaluate your loan application.
In summary, the AGSMEIS loan program requires specific documentation, including proof of training, registration certificates, and recommendation letters, among others. It’s crucial to ensure that all necessary documents are available and accurate to increase the chances of loan approval.
The AGSMEIS loan program is available for various types of businesses, including:
- Creative & Art Industries
- Fashion, Beauty
- Industrial & Manufacturing
- Agriculture & Allied Processing
- Apparel & Textile
- Arts & Entertainment
- Information & Communication Technology
- Automobiles
- Telecommunication
- Hospitality
- Media & Publishing
- Catering & Event Management
These businesses could potentially qualify for the loan, subject to meeting the eligibility requirements and providing the necessary documentation. The loan aims to promote sustainable development and expand employment opportunities for individuals in these sectors. If you’re a business owner in any of the above industries, you can consider applying for an AGSMEIS loan to help grow your business.
At present, the interest rate for AGSMEIS loan is only 5% per year. This implies that you will have to repay the borrowed amount along with the interest every year. To determine if your loan application has been approved, you can simply follow these steps after submitting your application:
- Look for a text message with a link to the NMFB portal. nmfbloans.nmfb.com.ng
- Click on the link and select the loan type you are interested in, such as personal, housing, or SME.
- Enter your BVN for verification. If your loan application has been approved, the confirmation amount will appear on the next page.
- After your loan is approved, provide the necessary information about your bank account so that the money can be transferred there.
If you need to contact AGSMEIS, you can reach them through any of the following methods:
Address: House 1, Plot 103/104, Monrovia Street, Wuse 2, Abuja
Email Address: info@nfmb.com.ng
Phone Number: +2347041800003