NMFB Non-Interest AGSMEIS: How to Access up to 3 Million Naira CBN Loan Without Collateral

Please check your E-mail inbox or spam to confirm.

 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).

JOIN US FOR MORE ON:
or

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
SEE ALSO: MSME Survival Fund: Over 1,500 CAC Certificates yet to be collected, 2,000 more in the printing stage – SME Agency

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.
SEE ALSO: Megatrends Afrika Fellowships in Germany 2022 [€2,800 Monthly Grant]


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

NOW FREE: How to Win Scholarship Abroad as a HND or 2.2 Graduate



DISCLAIMER: Do not pay or release sensitive financial details to any organizer/recruiter unless futher verified from your end.
Easter Hunt Sale
Easter Sale
Sam Rantimi

About the Author: Sam Oluwarantimi

Interpersonal Communication Specialist & Graduate (Biology), Obafemi Awolowo University. Join me on Twitter.

Got a question/Suggestion? Let's talk!