3 Easy Steps » Voice of Nigeria

November 28, 2022 Mary

The Application for an AGSMEIS Loan Can Be Completed in Three Simple Steps

AGSMEIS LOAN SCHEME. Expand your company with the help of NMFB, your genuine MSME partner. An initiative with the goals of fostering sustainable development and increasing employment opportunities. Apply right away.

Do you already work in the agricultural industry or are you looking to launch a small or medium-sized enterprise? If this is the case, you may be eligible for a speedy AGSMEIS Loan to help you get started and spread out your payments. The information you need about AGSMEIS, including how you may quickly apply for their loan, is provided down below.

Brief Introduction to AGSMEIS

The Central Bank of Nigeria (CBN) and the Nigerian Microfinance Bank are working together to give low-interest loans to the public through the NIRSAL AGSMEIS loan program. The main purpose of this loan is to help with money during a pandemic.

The AGSMEIS (Agri-Business/Small and Medium Enterprise Investment Scheme) is a business that was made to help the Federal Government’s actions and policies grow agricultural businesses and small/medium businesses. As a business owner, you can use this program to get a quick loan without putting up any collateral to help your business grow.

What documentation is required to acquire an AGSMEIS loan?

To get this loan, you are going to require some vital documents, which are as follows:

1. Duly completed AGSMEIS loan application form.

2. Bank Verification Number (BVN).

3. Certificate of Training from any authorized Entrepreneurship Development Institution (EDI) or proof of membership in standardized private sector

4. Recommendation letter from either your Priest, district chief, village head, or orthodox ruler. This document is for senior civil servants, etc. (for individuals/small businesses only)

5. Proof of your business name registration or organization registration certificate and yearly filing (if applicable) as needed by the standard Company and Affiliate Act (1990).

6. Your Tax Identification Number (TIN) and your current withholding certificate (if it’s applicable).

Please be aware that in order to be considered for an AGSMEIS loan, you will need to have successfully completed your training at any NIRSAL-certified Enterprise Development Institute. After that, you will be able to finish filling out the appropriate form. This application will be submitted to the CBN by your training institute. After that, the CBN will request that the details of your account be verified by your bank and will still evaluate you.

Which types of businesses are qualified to apply for this loan?

The following is a list of the various types of businesses that could potentially qualify for this loan:

1. Creative & Art Industries

2. Fashion, Beauty

3. Industrial & Manufacturing

4. Agriculture & Allied Processing

5. Apparel & Textile

6. Arts & Entertainment

7. Information & Communication Technology

8. Automobiles

9. Telecommunication

10. Hospitality

11. Media & Publishing

12. Catering & Event Management

AGSMEIS loan application process?

If you are involved in any of the aforementioned areas of business, you are welcome to apply by simply adhering to the following instructions, which are quite simple:

1. To begin, you are required to participate in required training through any of the NIRSAL MFB-authorized Entrepreneurship Development Institutes (EDI). To put it simply, this establishes your qualification to apply for the loan.

2. After that, make a new account for yourself. To accomplish this, simply go to the official AGSMEIS website, which may be found at www.agsmeisapp.nfmb.com. ng then you can start the registration process by tapping on the “Apply Now” button and become an applicant. You are required to confirm your BVN and select your preferred NIRSAL MFB-approved Entrepreneurship Development Institute (EDI).

3. As a result, you are need to wait in order to receive feedback from them. If you are approved for the loan, the funds will be deposited into the account that you designate. But if you don’t meet the requirements for the loan, you should wait for the platform to provide you with feedback.

You also have the option of going to any of the EDIs that have been authorized by the NMFB to receive direction on how to proceed with the process.

How much is the interest on this loan?

The interest rate on the AGSMEIS loan is only 5% per year at the moment. So, you have to pay back
your loan amount plus interest every year.

AGSMEIS Loan Approval

It’s easy to find out if AGSMEIS has approved your loan application. After you fill out the loan application, you will get a text message with a link to the NMFB portal. Try this:

1. Just click on this link and choose the type of loan you want (personal or housing or SME).

2. Next, enter your BVN to verify your account. When you do this, the next page will show a confirmation amount (if your loan application was approved)

3. Once the platform approves your loan, you’ll need to give them information about your bank account so that the money can be sent there.