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How to Access up to N10 Million Collateral-free CBN Loan » Voice of Nigeria

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If your business is ready to take a leap or you just need working capital to keep your business running, a loan could be a good option for you.

AGSMEIS is a federal government intervention funding scheme through CBN that promotes Agric businesses as a vehicle for sustainable economic development and employment generation.

Do you own a business or want to start one? Agribusiness small and medium enterprises investment has been designed specifically by the federal government to promotes agricultural businesses of micro, small, medium enterprises(MSME).

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Features

  • Interest Rate: 5% per annum
  • Tenor: 7 years.
  • Moratorium: Maximum of 18 months on Principal and 6 months on Interest

Eligible Business/ Sector

  • 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.

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 for processing.
  • Applicants will be called for an interview regarding their business.
  • 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.

Apart from training and certifying you, the EDI also guides and assists you in getting all necessary documents required to secure the loan, including a business plan.

The EDI shall collate, appraise and submit applications and business plans to CBN for Applicants.

Note: Accredited EDIs are all over the nation.

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How to Access up to N10 Million Collateral-free CBN Loan » Voice of Nigeria

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