Are you an agri-business owner or a small and medium enterprise (SME) owner in Nigeria?
Do you need capital to start or improve your business? If yes, you should consider applying for a CBN Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) loan.
The CBN Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) is a loan program for businesses and individuals in the agricultural and non-agricultural sectors of the economy.
The program aims to support the growth and development of SMEs and create more employment opportunities in Nigeria.
The AGSMEIS is a collaboration between the Central Bank of Nigeria (CBN) and the NIRSAL Microfinance Bank (NMFB), a subsidiary of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).
The AGSMEIS was launched in February 2021 by the CBN Governor, Mr. Godwin Emefiele, to diversify the Nigerian economy and reduce the dependence on oil revenues.
The AGSMEIS offers a range of loan products and services to suit the needs and preferences of different types of businesses.
AGSMEIS Loan Products and Services
The AGSMEIS has several loan products and services that cater to the needs of various businesses in Nigeria. Some of these include:
AGSMEIS Agricultural Loan
The AGSMEIS Agricultural Loan is a loan product that targets businesses and individuals in the agricultural sector, such as crop production, livestock rearing, fish farming, and agro-processing.
The loan aims to support the production and processing of agricultural products and services that meet local and international demand and standards.
Some of the features of the AGSMEIS Agricultural Loan are:
- The loan amount is up to N10 million, with no collateral required.
- The interest rate is 9% per annum, with a moratorium of 6 months and a tenor of up to 7 years.
- The loan can be used for various purposes, such as equipment purchase, working capital, expansion, and renovation.
To be eligible for the AGSMEIS Agricultural Loan, you must:
- Be a Nigerian citizen or a registered business entity in Nigeria.
- Have a viable business idea or an existing business in the agricultural sector.
- Have a bank verification number (BVN) and a valid identification.
- Have a business plan and a cash flow projection.
- Have a good credit history and a satisfactory guarantor.
To apply for the AGSMEIS Agricultural Loan, visit the NMFB website and complete the online application form.
You must also provide some documents, such as your business registration certificate, tax identification number (TIN), and bank statement.
Read more: 10 Government Loans Available This Month
AGSMEIS Non-Agricultural Loan
The AGSMEIS Non-Agricultural Loan is a loan product that targets businesses and individuals in the non-agricultural sector, such as manufacturing, mining, solid minerals, creative, and service.
The loan aims to support the production and distribution of non-agricultural products and services that can compete in the local and international markets.
Some of the features of the AGSMEIS Non-Agricultural Loan are:
- The loan amount is up to N10 million, with no collateral required.
- The interest rate is 9% per annum, with a moratorium of 6 months and a tenor of up to 7 years.
- The loan can be used for various purposes, such as equipment purchase, working capital, expansion, and modernization.
To be eligible for the AGSMEIS Non-Agricultural Loan, you must:
- Be a Nigerian citizen or a registered business entity in Nigeria.
- Have a viable business idea or an existing business in the non-agricultural sector.
- Have a bank verification number (BVN) and a valid identification.
- Have a business plan and a cash flow projection.
- Have a good credit history and a satisfactory guarantor.
To apply for the AGSMEIS Non-Agricultural Loan, visit the NMFB website and complete the online application form.
You will also need to provide some documents, such as your business registration certificate, tax clearance certificate, and bank statement.
Benefits of AGSMEIS Loans
The AGSMEIS loans offer several benefits to businesses in Nigeria, such as:
Access to finance
The AGSMEIS loans provide businesses with the funds to start, grow, or improve their businesses.
1. Capacity building
The AGSMEIS loans also allow businesses to enhance their skills and knowledge through various training and mentoring programs.
2. Networking
The AGSMEIS loans also allow businesses to connect with other stakeholders in the business ecosystem, such as investors, customers, suppliers, regulators, and peers.
Conclusion
In conclusion, the CBN AGSMEIS is a beacon of hope for Nigerian entrepreneurs and small businesses, offering a pathway to financial empowerment and growth.
With its launch, the scheme opens doors to opportunities previously unattainable, propelling the nation towards economic prosperity.
As businesses seize the potential of this initiative, they embark on a journey of transformation, driving innovation and development across various sectors.
Embrace the possibilities that lie within reach through AGSMEIS, and let it serve as a catalyst for realizing your entrepreneurial aspirations in Nigeria’s vibrant economic landscape.
