CBN AGSMEIS loan application for 2021 is still ongoing, and we are here to show you how to apply for the loan. With AGSMEIS, you can access up to a N10 million loan from CBN. The interest rate is just 5% without collateral.
Before we proceed to show you how to apply for a CBN AGSMEIS loan, let’s give you more clarifications by answering some pressing questions.
About AGSMEIS? CBN Loan Application Form 2022
Agric Small and Medium Enterprise Scheme (AGSMEIS) is an initiative of the Central Bank of Nigeria (CBN) in a bid to complement the Federal Governments’ efforts at promoting Agric businesses in Nigeria (both small and medium enterprises) as a vehicle for sustainable economic development. The scheme is a voluntary initiative of the Bankers’ Committee which was approved at its 331st meeting held on February 9, 2017.
The scheme – CBN AGSMEIS loan – mandated all banks in Nigeria to set aside 5% of their annual profit after tax (VAT). The primary aim of the initiative is to support the government’s efforts and policy measures toward the promotion of Agric businesses in the country.
What is the aim of the Agric, Small and Medium Enterprise Scheme (AGSMEIS)?
CBN AGSMEIS loan – CBN Agric Loan
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
- Services (Hospitality, Restaurants Catering, Services)
- Creative Industry (Fashion, Design, Crafts, Entertainment)
CBN AGSMEIS Loan Conditions
Here are conditions that must be met before 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;
- Businesses must be registered with Cooperate Affair Commission (CAC).
- Must provide 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 a letter of introduction for the CBN AGSMEIS loan?
Any of the following can write the letter:
- Chief Imam
- LGA Chairman
- Village Head
- Your Pastor
- 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 a N1million loan, you will pay back N1million + N50,000 throughout the duration of the loan.
How to apply for CBN AGSMEIS loan -Agric Loan Without Collateral
Below are steps to apply for CBN AGSMEIS loan;
- Apply for loan at EDI
Apply through Entrepreneurship Development Institute (EDI); they will help you to secure the loan.
- Apply as applicable
To apply as an individual applicant, kindly click here, to fill out the application form.
- Receive funds
Loans are paid into the bank account of the beneficiaries.
List of CBN approved EDC centres in Nigeria
Below is the list of CBN EDC centres in Nigeria and their addresses;
- CBN-EDC, Ibadan (South West)
Their address is Old SDSTC (Oyo Oodua Skill Acquisition Centre Premises), Samonda, along Sango-UI Road, Ibadan, Oyo State, Nigeria. You can contact them via their website at www.edcsouthwest.org.
- CBN-EDC, PortHarcourt (South-South)
Their web address is www.ssedc.org. The office address is at 30 Trans-Woji Road, Grace plaza, by Slaughter Bridge Woji Town, Port Harcourt, Rivers State.
- CBN-EDC, Maiduguri (North-East)
The office address is Old Informatics Institute, Njimtillo, Kano Road, Maiduguri, Borno State. Website is edcnortheast.com.ng
- CBN-EDC, Kano (North West)
The address is Murtala Muhammed Library Complex, Kano, Kano State.
- CBN-EDC, Makurdi (North Central)
Address: Off Jonah Jang Crescent, Near Federal Secretariat, Makurdi, Benue State.
- CBN-EDC, Minna (North Central)
Address: Minna Innovation Institute, Behind Niger State Sharia Commission, Justice Ndajiwo Drive, Minna, Niger State.
- CBN-EDC, Enugu (South East)
Address: Ebenezer Villa Suite 8, Ogenyi Close, Off Cornerstone Avenue, Off Nike Lake Resort Road, Enugu, Enugu State.
Let’s put this to an end, nonetheless, you can get more EDC addresses and contact by visiting https://www.boi.ng/edcpartners.