Finance
AGSMEIS Loan Application Portal: How to Apply and Requirements
The Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) loan is a laudable initiative by the Central Bank of Nigeria (CBN) aimed at providing financial support to agricultural businesses and small and medium-sized enterprises (SMEs). If you’re interested in accessing the AGSMEIS loan, this article will guide you through the process of applying and the requirements you need to fulfill.
The AGSMEIS loan is designed to stimulate economic growth, create employment opportunities, and empower entrepreneurs in Nigeria. It offers favorable interest rates and long repayment tenures to encourage business development.
The loan is available to individuals and businesses operating in sectors such as agriculture, manufacturing, creative industry, education, healthcare, and more
You may also like to check how to access loans from CBN Anchor Borrowers programme.
Please be informed that the CBN AGSMEIS loan application for 2023 is still ongoing, and we are here to guide you on how to apply for the loan.
Through AGSMEIS, you can access a loan of up to N10 million from the CBN. The interest rate is only 5%, and no collateral is required.
Before we proceed to explain how to apply for the CBN AGSMEIS loan, let’s provide you with further clarification by addressing some pressing questions.
What is the aim of AGSMEIS?
The objectives of the scheme are to ensure;
- Small and medium enterprises have access to finance.
- Create employment opportunities in Nigeria.
- Development of agricultural value and sustainable agric practices.
- Boost the managerial capacity of Agric businesses for national development.
List of sectors eligible for CBN AGSMEIS loan
CBN MSMEs eligible sectors include;
- Agricultural businesses
- Health
- ICT,
- Education
- Manufacturing/Production,
- Services (Hospitality, Restaurants Catering, Services)
- Mining,
- Creative Industry (Fashion, Design, Crafts, Entertainment)
- Others
CBN AGSMEIS Loan Conditions
Here are conditions that must be met begore you can access CBN AGSMEIS;
- Applicant must have been trained by an Entrepreneur Development Institute (EDI)
- Must apply for the loan through EDI, and from there the applications will be sent to CBN for processing.
- Applicants will be called for an interview regarding his/her business, and those qualified will be contacted and given the loan.
Requirements for CBN AGSMEIS loan
Below are the loan requirements for approval and disbursement of funds to applicants;
- Business must be registered with Cooperate Affair Commission (CAC).
- Must privide evidence of tax payments
- Bank Verification Number (BVN)
- Letter of Introduction
- Valid government issued ID card
- Certification by an EDI
- Passport photo of applicant and guarantor
- Letter of Guaranty
Who can write letter of introduction for AGSMEIS loan?
Any of the following can write the letter:
- Your Pastor
- LGA Chairman
- Village Head
- Chief Imam
- CDA Chairman
- Senior Civil Servant (above level 14)
AGSMEIS loan interest rate and duration
The loan interest rate is 5% for the first five years. Example: If you obtain N1million loan, you will pay back N1million + N50,000 throughout the duration of the loan.
How to apply for AGSMEIS loan
Below are steps to apply for CBN AGSMEIS loan;
1. Apply for loan as EDI
Apply through Entrepreneurship Development Institute (EDI); they will help you to secure the loan. Click Here, to apply and for more information about the loan.
2. Apply as applicable
To apply as an individual applicant, kindly click here, to fill the application form.
3. Receive funds
Loans are paid into the bank account of the beneficiaries.
4. Get business support services
The Entrepreneurship Development Institute assists you to implement business plan and provide business support services commercially.
Conclusion
The AGSMEIS loan presents a significant opportunity for entrepreneurs and SMEs in Nigeria to access affordable financing for business growth.
By understanding the application process and fulfilling the requirements, you can increase your chances of securing the loan.
Remember to develop a comprehensive business plan and submit all necessary documents accurately. Embrace this opportunity to boost your business and contribute to the economic development of Nigeria.
Hussaini Abdullahi
April 3, 2021 at 11:40
Thanks for the help me aur BUSINESS thanks for the response so much
Akochi odinaka Cornel Mississippi
April 4, 2021 at 16:12
Okay
Sulaiman abubakar
March 27, 2021 at 19:09
Please Sir i need a loan to improve my farm
stephen sabastine
March 11, 2021 at 14:45
please sir/madam i need a loan to improve my farm
STEPHEN SABASTINE
March 11, 2021 at 14:38
please sir/ma i need a loan
Benson Eze
March 9, 2021 at 11:17
Good day sir/ madam. I need a loan to help me expand my farm and to help me build small house for my goat’s so that rain will not disturb them in this coming raining session.
Audi umar
March 7, 2021 at 23:57
I want to improve my business
babangida aliyu
March 2, 2021 at 20:12
I applied since last year 2020 of till know no disbursement.
Anas abubakar
February 27, 2021 at 10:35
I’m interested pls or notify me on my phone,07062196915
Ibrahim Tijjani danyaro
February 26, 2021 at 08:32
Pls I need to disbursement my agsmeis loan
Ibrahim Tijjani danyaro
March 14, 2021 at 15:19
I need to business my agsmeis loan disbursement. Please help me
ADAMU ABUBAKAR
February 25, 2021 at 23:31
Good day I by name ADAMU ABUBAKAR with my company name AA NMANA FARM And my phone number is +2347067352123 I applied for AGSMEIS loan since last year and attended the interview since that last year and hope to now have not been received approver or disbursement I don’t know what happened please I want you to look through my request and help me out thanks and may God bless you and put you through in all your activities Ameen
Nasiru Ibrahim
February 25, 2021 at 17:55
iam business man in itas/gadau bauchi state Nigeria I like loan to help my business
Shesan Ishola
February 3, 2021 at 20:52
Please sir how can enroll for the training and the loan am staying in ogun state my name is
ADAMU IBRAHIM GADAM
January 10, 2021 at 12:42
I am really happy about what our CBN is doing,just to leaft us and have and have something doing, Business Man is better than Government worker, I believe in Business and Rearing of Alimals, May Allah bless you and us, and our Nigeria,
Ibrahim Tijjani
February 26, 2021 at 08:41
Pls I need to disbursement my agsmeis lo loan
Lucky oghene
April 9, 2021 at 17:08
Me I need help too
Okorie chisom festus
October 27, 2020 at 11:24
I am mr okorie chisom festus. Am from abia state,but base at warri in Delta state. I need a loan to improve my bird poultry. I will be greatful if my request is granted.thanks
Jonah Bitrus
October 21, 2020 at 13:54
Pls notify me of any news update
Ibrahim Umar
December 4, 2020 at 22:37
Iam business man I need loan from CBN please
Perpetual
August 30, 2020 at 00:06
Please I need contact for CBN-EDC Abuja branch for the training.
Abdullahi ado
August 9, 2020 at 19:33
Environmental
adamu kasimu dauda
August 5, 2020 at 00:27
Angwan SANGARI namu quan,an pan plateau state
Bashir Aliyu
July 27, 2020 at 15:12
Iam business man in Bunza,kebbi state nigeria,l want loan to help me for my business like fertelizer cement and others
KAASE EMMANUEL UMBUR
July 12, 2020 at 06:06
Humphery, I appreciate getting to know you at this point in my life when I am at the verge of retirement (left with 2/3 years to go) from my teaching service carrier with nothing to fall back or hope on, with a lot of debts that have even consumed the remaining salary yet to come. How do I start from here sir?