The Central Bank of Nigeria is giving collateral-free loans of up to N3,000,000 (Three million Naira) to small businesses in a scheme called; Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS).
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Introduction
The Scheme supports government policy measures for the promotion of agricultural businesses, and micro, small and medium enterprises (MSMEs) as vehicles for sustainable economic development and employment generation.
Objectives of the Scheme
- To improve access to affordable and sustainable finance by Agribusinesses, Micro, Small, and Medium Enterprises (MSMEs).
- Create employment opportunities in Nigeria.
- Boost the managerial capacity of agri-businesses and MSMEs to grow the enterprises into large corporate organizations in line with the Federal Government’s agenda to develop the real sector and promote inclusive growth.
Eligible sectors/businesses
- Agriculture & Agro-allied Processing
- Art & Entertainment
- Automobile Services
- Fashion and Dressmaking
- Catering & Event Management
- Courier & Delivery Services
- Creative Industry
- Apparels and Textiles
- I.C.T
- Cottage Industry
- Media
- Publishing
- Telecommunications
- Hospitality
- Health Services
- Welding and fabrication
- Animal Husbandry
- Cosmetics, Beauty, and Makeup Artistry
- Electrical and Electronics
- POP and Tiling
- Carpentry
- Masonry
- Kerbs and Electric Pole making
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Modalities
Financing under the Scheme shall be for start-ups, business expansion, or revival of ailing companies. The terms of the loans shall be as follows:
- Loan amount: Up to N3,000,000
- Interest: 5% per annum for regular and 0% for non-interest AGSMEIS
- Tenor: Up to 7 years (depending on nature/gestation period of the project)
- Moratorium: Maximum of 18 months for principal and 6 months on interest.
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 through NIRSAL MFB by the EDI, for processing.
- 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.
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Requirements either during the application or before final approval/disbursement
- BVN
- Certificate issued by a CBN certified EDI
- Details of two (2) Guarantors
- Valid ID card
- A Business Plan provided by the EDI
How to Apply
Interested individuals should Click here to Apply