How to Get CBN N60 Billion SME Fund as a Nigerian Youth
Great news for young Nigerian entrepreneurs.
The government has approved N60 billion from the Central Bank of Nigeria (CBN) to boost small businesses, especially those run by young people.
This initiative, called the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS), aims to empower young Nigerians and fuel economic growth.
What is AGSMEIS?
AGSMEIS is a government program designed to support small and medium businesses (SMEs) in the agriculture sector.
It provides financial aid and resources to help young entrepreneurs launch and grow their agribusinesses.
Why AGSMEIS?
This program offers several benefits:
- Easier access to funding: AGSMEIS makes it easier for young Nigerians to secure loans for their businesses.
- Job creation: By supporting young entrepreneurs, AGSMEIS helps create job opportunities in the agricultural sector.
- Sustainable agriculture: The program encourages sustainable farming practices, which benefit the environment and future generations.
- Boosted agricultural value chain: AGSMEIS strengthens the agricultural sector by supporting businesses throughout the production process.
- Enhanced management skills: The program offers training to improve the management skills of young agri-business owners.
Are you eligible?
Here’s how to find out if you qualify for AGSMEIS funding:
- Your business must be registered with the Corporate Affairs Commission (CAC).
- You must comply with tax regulations and file timely tax returns.
- You must be willing to apply for the loan through a participating bank.
What are the next steps?
If you meet the eligibility criteria, follow these steps to apply:
- Training: Take a mandatory one-week training course at a certified Entrepreneurship Development Institute (EDI).
- Apply online: After completing the training, apply for the loan online through the NIRSAL Microfinance Bank (NMFB) portal. You’ll need your EDI completion certificate.
- Review and interview: NIRSAL MFB will forward your application to the CBN for review. You might be contacted for an interview about your business plan.
- Loan approval: If successful, you’ll receive the loan amount directly into your NMFB account.
Important notes:
- Loan amounts and terms will vary.
- Equipment purchases will be handled by authorized NMFB vendors.
- Working capital will be accessible from your NMFB account upon meeting all conditions.
Ready to take your agribusiness to the next level? AGSMEIS can be your stepping stone to success. Get trained, apply online, and unlock the potential of your agricultural business!
FAQs
- What types of agribusinesses are eligible?
AGSMEIS supports a wide range of agribusinesses, including crop production, livestock farming, aquaculture, poultry farming, and agro-processing.
- Is there an age limit for applicants?
The program specifically targets young entrepreneurs, but an exact age range isn’t publicly available. It’s best to contact the CBN or NIRSAL MFB for clarification.
- How much funding can I apply for?
Loan amounts vary depending on your business needs and the program’s available funds. It’s recommended to discuss your specific requirements with a participating bank.
- What are the interest rates on AGSMEIS loans?
Interest rates are typically lower than commercial loan rates. The exact rate will depend on the bank you choose and your loan terms.
- Is there any support after receiving the loan?
Some participating banks might offer mentorship or business development services to AGSMEIS beneficiaries. However, this isn’t a program guarantee.
- Where can I find more information?
You can visit the CBN website or contact NIRSAL MFB for detailed information and updates on the AGSMEIS program. Additionally, participating banks can provide guidance on the application process.
