NON-INTEREST AGSMEIS LOAN: How to Access up to 3 Million Naira Collateral-free CBN Covid-19 Loan From Federal Government

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).

Introduction

The Scheme supports governments policy measures for the promotion of agricultural businesses, 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 Agri-businesses, 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.

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Eligible sectors/businesses

1. Agriculture & Agro-allied Processing

2. Art & Entertainment

3. Automobile Services

4. Fashion and Dressmaking

5. Catering & Event Management

6. Courier & Delivery Services

7. Creative Industry

8. Apparels and Textiles

9. I.C.T

10. Cottage Industry

11. Media

12. Publishing

13. Telecommunications

14. Hospitality

15. Health Services

16. Welding and fabrication

17. Animal Husbandry

18. Cosmetics, Beauty, and Makeup Artistry

19. Electrical and Electronics

20. POP and Tiling

21. Carpentry

22. Masonry

23. Kerbs and Electric Pole making

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:

1. Interested Applicants must undergo training by a CBN certified Entrepreneurship Development Institution (EDI)

2. Interested Applicants will apply for the loan through the CBN accredited EDI

3. The application will then be sent to CBN through NIRSAL MFB by the EDI, for processing.

4. Those qualified will be contacted and given the loan.

5. Fill clearly the form with all the details required, sign, and get them authenticated by the EDI.

Requirements either during the application or before final approval/disbursement

1. BVN

2. Certificate issued by a CBN certified EDI

3. Details of two (2) Guarantors

4. Valid ID card

5. A Business Plan provided by the EDI

Here’s the link to Apply or check your current loan status

https://agsmeisapp.nmfb.com.ng/

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