CBN/FirstBank Commercial Agriculture Credit Scheme (CACS): This post will guide you on how to apply for the CBN CACS loan through FirstBank. If you are in the agricultural sector and wish to secure additional support for your business, read through this information to determine if your firm is eligible for benefits from this loan scheme.
The Commercial Agriculture Credit Scheme (CACS) is a loan program established through a collaboration between the Central Bank of Nigeria (CBN) and the Federal Ministry of Agriculture. Its purpose is to support and expedite improvements and development in the country’s agricultural sector.
This means that any business owner in the agricultural sector can easily become a beneficiary of the Commercial Agriculture Credit Scheme (CACS) loan, with two hundred billion naira (N200,000,000,000) funds to be disbursed among successful applicants. You may like to check: how to apply for CBN CIFI loan through GTBank.
Features of CACS loan
- The maximum obigor limit for medium and large scale private businesses is two billion naira (N2,000,000,000) while State Governments has no limit.
- Any private sector entity that wishes to participate must have at least a fifty million naira (N50,000,000) worth of farm asset. This should not in anyway have the cost of farm land attached to the base worth.
- In the case of State Government Irrevocable Standing Payment Order is required.
- A reduced interest rate of nine percent (9%), maximum interest that can be attached to the loans.
- Availability of funds from the year 2021 to the year 2025.
Those Qualified to Apply for the loan
- Both medium and large scale commercial farms that are into livestock rearing, cultivation of crops, fishery etc.
- Any Limited liability company that is into agricultural production, processing, marketing, storage, and development of businesses.
- State Governments.
Requirements for CACS loan application
- A formal application for the loan.
- Article of Association and a Memorandum.
- Certificate of Incorporation.
- Business Plan.
- Board Resolution to Borrow from the scheme.
How to Apply for Firstbank/CBN Commercial Agriculture Credit Scheme (CACS)
Applicants are to contact the Agric Finance Desk via Email, or fill the online form directly on the official portal.