What is AGSMEIS?
CBN AGSMEIS Loan -The Agri-Business/Small and Medium Enterprise Investment Scheme is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.
Objectives of the Agric, Small and Medium Enterprise Scheme (AGSMEIS)
The objectives of the Scheme include:
- To ensure Small and Medium Enterprises (SMEs)have access to finance
- To generate much-needed employment opportunities in Nigeria
- To develop agricultural value chain and ensure sustainable agricultural practices.
- To boost the managerial capacity of Agri-Business/SMEs as pipelines of growing enterprises that can become huge corporate organizations.
MSMEs in the following sectors are eligible:
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- Agricultural businesses,
- Education,
- Health,
- Services (Hospitality, Restaurants, Catering, Services, etc),
- ICT,
- Manufacturing/Production,
- Mining,
- Creative Industry (Fashion, Design, Crafts, Entertainment, etc),
- etc
How Does It Work
Step 1: Get Trained
Attend a compulsory training with a CBN certified Entrepreneurship Development Center (EDC).
Step 2: Apply For Loan
The Entrepreneurship Development Institute (EDI) guides and assists you in getting all necessary documents required to secure the CBN AGSMEIS Loan.
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Step 3: Receive Funds
Loans are paid into the account of beneficiaries. Unqualified candidates are given feedback.
Step 5: Make Sales
Sell products and services to pay back CBN AGSMEIS Loan and make profit.
Step 6: Repay Loan
Run your business, keep proper records, monitor sales and expenses to maximize profit and pay back the loan.
The Central Bank of Nigeria (CBN) and the Bankers’ Committee, created the Agri-Business/Small and Medium Enterprise Investment Scheme AGSMEIS Loan, as an initiative to support the Federal Government’s efforts in the promotion of agricultural businesses and small/medium enterprises (SMEs) in the country, you can apply for the Loan with collateral for the AGSMEIS loan is been disbursed by NIRSAL Microfinance Bank and other Banks
Interested Nigerian engaged in Agriculture or other SME businesses can access up to N10 Million from the CBN AGSMEIS Loan, at a single-digit interest rate of 9% per annum. Below are the requirement and steps to access
Eligibility
Businesses in the following industry are eligible for the AGSMEIS Loan:
• 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
• 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.
How Do I go about CBN AGSMEIS Loan?
Get trained by first selecting a CBN-Certified Entrepreneurship Development Institute (EDI) to guide you through the loan application process and ensure that all your documents are complete here.
The interest rate is nine percent (9%) per annum.
This loan scheme does not require a collateral.
This loan scheme is designed to be easily accessible. The entire process is automated. From application submission to disbursement takes six(6) to eight(8) weeks.
Over N25B has been disbursed and this is still ongoing as reported by Bingalor.
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