CBN/FirstBank Commercial Agriculture Credit Scheme (CACS) – This post will guide you on how to apply for CBN CACS loan through FirstBank.
Are you into the agricultural sector, and wishes to secure an additional support to your business? If ‘yes’, then you need to read through this information, and see if your firm is eligible to benefit from this loan scheme.
The Commercial Agriculture Credit Scheme (CACS) is a loan scheme established by a dual colaboration of the Central Bank of Nigeria (CBN), and Federal Ministry of Agriculture to support and fast track the improvements/development of the agricultural sector of the country.
This means that anyone who owns a business in the agricultural sector can easily become a beneficiary of the Commercial Agriculture Credit Scheme (CACS) loan, where two hundred billion naira (N200,000,000,000) funds will be disbursed among successful applicants. Also 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.
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.
The email address is email@example.com while the link to the online contact form is https://www.firstbanknigeria.com/contact-us