Access up to 3 Million Naira CBN Loan (2022) » Voice of Nigeria
Access up to 3 Million Naira CBN Loan
The Central Bank of Nigeria is providing unsecured loans (collateral-free loan) of up to N3,000,000 (three million Nairas) to small businesses under a scheme called the Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS).
Eligible sectors/businesses
- Agriculture & Agro-allied Processing
- Art & Entertainment
- Automobile Services
- Fashion and Dressmaking
- Catering & Event Management
- Courier & Delivery Services
- Creative Industry
- Apparels and Textiles
- I.C.T
- Cottage
- Telecommunications
- Hospitality
- Health Services
- Welding and fabrication
- Animal Husbandry
- Cosmetics, Beauty, and Makeup Artistry
- Electrical and Electronics
- POP and Tiling
- Carpentry
- Masonry
- Kerbs and Electric Pole making
Modalities
Funding under the Scheme must be for start-ups, business expansion or revitalization of struggling companies. The loan conditions will be as follows:
- Loan amount: Up to N3,000,000
- Interest: 5% per annum for regular and 0% for non-interest AGSMEIS
- Tenor: Up to 7 years (depending on nature/gestation period of the project)
- Moratorium: Maximum of 18 months for principal and 6 months on interest.
To access the AGMEIS loan, there are some conditions that must be met:
Interested Applicants must undergo training by a CBN certified Entrepreneurship
- Development Institution (EDI)
- Interested Applicants will apply for the loan through the CBN accredited EDI
- The application will then be sent to CBN through NIRSAL MFB by the EDI, for processing.
- Those qualified will be contacted and given the loan.
- Fill clearly the form with all the details required, sign, and get them authenticated by the
EDI.
Requirements either during the application or before final approval/disbursement
- BVN
- Certificate issued by a CBN certified EDI
- Details of two (2) Guarantors
- Valid ID card
- A Business Plan provided by the EDI
How to Apply
Interested individuals should Click here to Apply
Choose if you are new or existing applicant
