Do you know that you can access the N10 million CBN AGSMEIS 5% Loan? Have you been searching for the CBN Loan 2022? If your answer is yes then you have to go through this post to know how you can apply for this loan from CBN.
What is Agric Small and Medium Enterprise Scheme (AGSMEIS) CBN Loan?
The Agric Small and Medium Enterprise Scheme (AGSMEIS) is an initiative of the Central Bank of Nigeria. CBN AGSMEIS Loan 2022 application is currently ongoing – Apply here! 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.
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.
It 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/
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. Maximum loan is 10 million naira; Interest rate is 5% per annum; Tenor is 7 yrs and Moratorium is 18 months.
How To Apply for CBN AGSMEIS Loan without Collateral
Take the steps below to apply for the CBN Loan Application Form 2022.
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.
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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