Apply for N10 million CBN AGSMEIS 5% Loan Today.
Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS).
AGSMEIS is a voluntary initiative of the Bankers’ Committee approved at its 331st meeting held on 9th February, 2017. The Scheme requires all banks in Nigeria to set aside 5% of their profit after tax (PAT) annually.
The initiative is to support the Federal Government’s efforts and policy measures for the promotion of Agricultural Businesses, Small and Medium Enterprises (SMEs) as vehicles for sustainable economic development and employment generation.
The objectives of the Scheme includes:
- To ensure access to finance for Small and Medium Enterprises (SMEs), as these are the engine of growth of the Nigerian economy.
- To generate much-needed employment opportunities in Nigeria.
- To develop agricultural value chain and ensure sustainable agricultural practices.
- Boost the managerial capacity of Agri-Business/SMEs as pipelines of growing enterprises that can become huge corporate organizations.
Activities covered include:
Businesses across the agricultural value chain covering inputs supply, production, storage, processing, logistics and marketing. MSMEs in the real sector including manufacturing, mining and petrochemicals.
MSMEs in the service sector including information and communication technology (ICT) and the creative industry. Other activities as may be determined by the Bankers’ Committee from time to time.
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Now to access AGSMEIS loan, there are some conditions that must be met.
- Interested applicant must have been trained by an Entrepreneur Development Institute (EDI)
- Interested applicant will apply for loan via an EDI
- The applications will then be sent to CBN for processing
- Applicants will be called for an interview regarding his/her business.
- Those qualified will be contacted and given the loan.
- Fill clearly the new form with all the details required , sign and get them authenticated by EDC
Maximum loan is 10million
Interest rate is 5% per annum
Tenor is 7 yrs
Moratorium is 18 months
Requirements either during application or before final approval /disbursement
- Registered business with CAC
- Evidence of tax payments
- Letter of Introduction
- Letter of Guaranty
- Certification by an EDI
- Passport photo of you and guarantor
- Valid ID card
( Get them ready)
Those qualified to write letter of introduction are any of these
- Your Pastor
- Chief Imam
- LGA Chairman
- CDA Chairman
- Village Head
- Senior Civil Servants Level 14 above
- MD of Blue Chip Companies
Your friend or spouse can write the guaranty letter.
Please note that applicants who submitted last year and was sent a link to provide further details before the last requirements came out do not need to re-submit again.
You can find the link to the form here
The apex bank will contact you if they need more information from you.