NMFB Non-Interest AGSMEIS: How to Access N3m CBN Loan Without Collateral

Small businesses can get up to N3,000,000 (Three million Naira) in collateral-free loans from the Central Bank of Nigeria under the Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS).

 Introduction

The Scheme backs government policies that promote agricultural businesses and micro, small, and medium-sized enterprises (MSMEs) as drivers for long-term economic growth and job creation.

Objectives Of The Scheme

• To improve access to affordable and sustainable finance by Agribusinesses, 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.

Eligible Sectors/Businesses

• Agriculture & Agro-allied Processing
• Art & Entertainment
• Automobile Services
• Fashion and Dressmaking
• Catering & Event Management
• Courier & Delivery Services
• Creative Industry
• Apparels and Textiles
• I.C.T
• Cottage Industry
• Media
• Publishing
• Telecommunications
• Hospitality
• Health Services
• Welding and fabrication
• Animal Husbandry
• Cosmetics, Beauty, and Makeup Artistry
• Electrical and Electronics
• POP and Tiling
• Carpentry
• Masonry
• Kerbs and Electric Pole making

Modalities

The Scheme’s financing will be used for start-ups, business expansion, or the revival of failing businesses. The following are the terms of the loans:

• 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:

• Interested Applicants must undergo training by a CBN certified Entrepreneurship Development Institution (EDI)
• Interested Applicants will apply for the loan through the CBN accredited EDI
• The application will then be sent to CBN through NIRSAL MFB by the EDI, for processing.
• Those qualified will be contacted and given the loan.
• 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

• BVN
• Certificate issued by a CBN certified EDI
• Details of two (2) Guarantors
• Valid ID card
• A Business Plan provided by the EDI

How To Apply

Interested individuals should Click here to Apply

This information was first published on nyscinfo.com. DMCA PROTECTED.

Source: Nyscinfo