CBN Loan Application Form 2023 at 5% Interest Rate Per Annum without Collateral
CBN Loan Application Form 2023 – Do you know that you can apply for the N10 million CBN AGSMEIS 5% Loan Today? Now, go through this post to know how you can apply for this loan from CBN.
The Agric Small and Medium Enterprise Scheme (AGSMEIS) is an initiative of the Central Bank of Nigeria. CBN AGSMEIS Loan 2023 application is currently ongoing – Apply here!
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With the CBN AGSMEIS Loan, you can access up to N10M at 5% per year from the Agric, Small and medium enterprise scheme (AGSMEIS), an initiative from Central Bank of Nigeria (CBN); this is without collateral.
What is Agric Small and Medium Enterprise Scheme (AGSMEIS)?
AGSMEIS is an initiative of the Bankers’ Committee in a bid to support and complement the Federal Government’s efforts at promoting Agri-businesses/Small and Medium Enterprises as a vehicle for sustainable economic development and employment generation.
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.
CBN AGSMEIS Loan Eligibility Criteria
- 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 – http://www.edcsouthwest.org/
Note: Maximum loan is 10 million naira; Interest rate is 5% per annum; Tenor is 7 yrs and Moratorium is 18 months.
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Objectives of the AGSMEIS
The objectives of the CBN AGSMEIS Scheme include:
- To develop agricultural value chain and ensure sustainable agricultural practices.
- To boost the managerial capacity of Agribusiness/SMEs as pipelines of growing enterprises that can become huge corporate organizations.
- To ensure Small and Medium Enterprises (SMEs) have access to finance;
- To generate much-needed employment opportunities in Nigeria.
Objectives of CBN AGSMEIS Loan Form 2023
- Agricultural businesses
- Services (Hospitality, Restaurants, Catering, Services, etc.)
- Creative Industry (Fashion, Design Crafts, Entertainment, etc.)
CBN AGSMEIS Loan Activities
The activities covered by the Central Bank of Nigeria AGSMEIS Loan includes:
- 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
Who Can Write Letter of Introduction for CBN AGSMEIS Loan?
- Your Pastor or 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.
Important Notice: 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.
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Requirements for CBN Loan Approval of Application and Disbursement of Funds
The following are the Requirements necessary either during application or before final approval of the CBN Loan Application Form 2023 and final disbursement of funds to an applicant.
- 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
How To Apply for CBN Loan Application Form 2023 without Collateral
Take the steps below to apply for the CBN Loan Application Form 2023.
Step 1 : Get Trained: Attend a one week compulsory training at a CBN certified Entrepreneurship Development Institute (EDI). You can check the list of CBN EDC Centers in Nigeria.
Step 2 : Apply For Loan: The Entrepreneurship Development Institute (EDI) guides and assists you in getting all necessary documents required to secure the loan. Note that, you can get the current application form from the CBN EDC that trained you.
Step 3 : Receive Funds: Loans are paid into the account of beneficiaries. Unqualified candidates are given feedback.
Step 4 : Get Business Support Services: The Entrepreneurship Development Institute assists you to implement business plan and provide business support services commercially.
Step 5 : Make Sales: Sell products and services to pay back loan and make profit.
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Step 6 : Repay Loan: Run your business, keep proper records, monitor sales and expenses to maximize profit and pay back the loan.
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