The Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS) allows small businesses to borrow up to N3,000,000 (three million Naira) in collateral-free loans from the Central Bank of Nigeria. See how to apply for the NMFB AGSMEIS loan successfully below.
What You Must Know about MFB AGSMEIS Loan Scheme
Government policies that promote agricultural businesses and micro, small, and medium-sized enterprises (MSMEs) as drivers of long-term economic growth and job creation are supported by the Scheme.
Goals of the Project
- Agribusinesses and Micro, Small, and Medium Enterprises (MSMEs) will have easier access to affordable and long-term financing.
- Create jobs in Nigeria.
- Increase the management ability of agri-businesses and MSMEs for them to expand into huge corporate organizations, following the Federal Government’s aim to develop the real sector and foster inclusive development.
Federal Government SMEDAN Loan MSME Fund Registration Program
- Art & Entertainment
- Automobile Services
- Fashion and dressmaking
- Agriculture & Agro-allied Processing
- Catering & Event Management
- Apparel and textiles
- Cables and electric pole manufacturing
- Cottage Industry
- Courier and delivery services
- Health Services
- Welding and fabrication.
- Creative Industry
- Animal Husbandry
- Cosmetics, Beauty, and Makeup Artistry
- Electrical and Electronics
- POP and Tiling
Free Government Loans and Start-Up Grants for Businesses Funded
The funds raised through the scheme will be used to fund start-ups, business expansion, and the revival of failing businesses. The following are the terms of the loans:
- Up to N3,000,000 of the loan amount
- A maximum principal moratorium of 18 months and a 6-month interest moratorium.
- 5% per annum for regular and 0% for non-interest AGSMEIS
- It can last up to 7 years (depending on the project’s nature and gestation period).
AGSMEIS Loan Requirements:
- Applicants must complete training at a CBN-approved Entrepreneurship Development Institution (EDI).
- Interested applicants will submit their loan applications through the CBN-accredited EDI.
- After that, the EDI will send the application to CBN for processing via NIRSAL MFB.
- Those who meet the criteria will be contacted and the loan will be given to them.
- Fill out the form completely with all the required information, sign it, and have the EDI authenticate it.
Credentials for Application, Approval, and Disbursement
- A CBN-certified EDI issued the certificate.
- Information on two (2) guarantors
- Valid ID card
- A business plan from EDI
CBN Covid-19 Loan 2022 Application Step-by-step Guide
How to Apply for NMFB AGSMEIS Loan
Applicants should contact here to Apply
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