AGSMEIS loan – The Agric Small and Medium Enterprise Scheme (AGSMEIS) is a Central Bank of Nigeria (CBN) initiative to empower agric businesses throughout the country.
This post will teach you how to apply for a CBN AGSMEIS loan in Nigeria.
The CBN AGSMEIS loan application for 2021 is still open, and we’re here to show you how to apply.
You can obtain a loan from the CBN of up to N10 million through AGSMEIS.
Without collateral, the interest rate is only 5%.
Before we show you how to apply for a CBN AGSMEIS loan, let us clarify some points by answering some frequently asked questions.
About AGSMEIS?
The Agric Small and Medium Enterprise Scheme (AGSMEIS) is a Central Bank of Nigeria initiative designed to supplement the Federal Government’s efforts to promote agricultural businesses in Nigeria (both small and medium enterprises) as a vehicle for long-term economic development. The scheme is a voluntary initiative of the Bankers’ Committee, which was approved on February 9, 2017 at its 331st meeting.
The scheme required all Nigerian banks to set aside 5% of their annual profit after tax (VAT). The initiative’s primary goal is to support the government’s efforts and policy measures to promote Agric businesses in the country.
What is the purpose of the Agricultural, Small and Medium Enterprise Scheme (AGSMEIS)?
The scheme’s goals are as follows:
- Small and medium enterprises have access to finance.
- Create employment opportunities in Nigeria.
- Development of agricultural value and sustainable agric practices.
- Boost the managerial capacity of Agric businesses for national development.
List of sectors eligible for CBN AGSMEIS loan
CBN MSMEs eligible sectors include;
- Agricultural businesses
- Health
- ICT,
- Education
- Manufacturing/Production,
- Services (Hospitality, Restaurants Catering, Services)
- Mining,
- Creative Industry (Fashion, Design, Crafts, Entertainment)
- Others
CBN AGSMEIS Loan Conditions
Here are conditions that must be met before you can access CBN AGSMEIS;
- Applicant must have been trained by an Entrepreneur Development Institute (EDI)
- Must apply for the loan through EDI, and from there the applications will be sent to CBN for processing.
- Applicants will be called for an interview regarding his/her business, and those qualified will be contacted and given the loan.
Requirements for CBN AGSMEIS loan
Below are the loan requirements for approval and disbursement of funds to applicants;
- Business must be registered with Cooperate Affair Commission (CAC).
- Must provide evidence of tax payments
- Bank Verification Number (BVN)
- Letter of Introduction
- Valid government issued ID card
- Certification by an EDI
- Passport photo of applicant and guarantor
- Letter of Guaranty
Who can write letter of introduction for CBN AGSMEIS loan?
Any of the following can write the letter:
- Your Pastor
- LGA Chairman
- Village Head
- Chief Imam
- CDA Chairman
- Senior Civil Servant (above level 14)
AGSMEIS loan interest rate and duration
- The loan interest rate is 5% for the first five years. Example: If you obtain N1million loan, you will pay back N1million + N50,000 throughout the duration of the loan.
How to apply for CBN AGSMEIS loan
Below are steps to apply for a CBN AGSMEIS loan;
- Apply for loan as EDI
Apply through Entrepreneurship Development Institute (EDI); they will help you to secure the loan. Click Here, to apply and for more information about the loan. - Apply as applicable
To apply as an individual applicant, kindly click here, to fill the application form. - Receive funds
Loans are paid into the bank account of the beneficiaries. - Get business support services
The Entrepreneurship Development Institute assists you to implement business plan and provide business support services commercially.
List of CBN approved EDC centers in Nigeria
Below is the list of CBN EDC centers in Nigeria and their addresses;
- CBN-EDC, Ibadan (South West)
Their address is Old SDSTC (Oyo Oodua Skill Acquisition Centre Premises),Samonda, along Sango-UI Road, Ibadan, Oyo State, Nigeria. You can contact them via their website at www.edcsouthwest.org. - CBN-EDC, Port Harcourt (South South)
Their web address is www.ssedc.org. Office address is at 30 Trans-Woji road, Grace Plaza, by Slaughter Bridge Woji Town, Port Harcourt, and Rivers State. - CBN-EDC, Maiduguri (North East)
Office address is, Old Informatics Institute, Njimtillo, Kano Road, Maiduguri, Borno State. Website is edcnortheast.com.ng - CBN-EDC, Kano (North West)
The address is, Murtala Muhammed Library Complex, Kano, Kano State. - CBN-EDC, Makurdi (North Central)
Address: Off Jonah Jang Crescent, Near Federal Secretariat, Makurdi, Benue State. - CBN-EDC, Minna (North Central)
Address: Minna Innovation Institute, Behind Niger State Sharia Commission, Justice Ndajiwo Drive, Minna, Niger State. - CBN-EDC, Enugu (South East)
Address: Ebenezer Villa Suite 8, Ogenyi Close, Off Cornerstone Avenue, Off Nike Lake Resort Road, Enugu, Enugu State.
Kindly begin by calling or sending a WhatsApp message to 09057306576 or submit all the information concerning your new business plan/proposal directly to a writer through this Get Started link and WhatsApp us on CBN AGSMEIS. Our professional writers will attend to your business needs
