NON-INTEREST AGSMEIS UPDATE: How to Access up to 3 Million Naira Collateral-free CBN Loan
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).
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.
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
10. Cottage Industry
15. Health Services
16. Welding and fabrication
17. Animal Husbandry
18. Cosmetics, Beauty, and Makeup Artistry
19. Electrical and Electronics
20. POP and Tiling
23. Kerbs and Electric Pole making
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
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
Registration is eight thousand naira only 8000 chat me on my WhatsApp 09063570041