The Central Bank of Nigeria is giving collateral-free loans of up to N3,000,000 (Three million Naira) to small businesses in a scheme called; Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS).
Objectives of the Scheme
- To improve access to affordable and sustainable finance by Agri-businesses, Micro, Small, and Medium Enterprises (MSMEs).
- Create employment opportunities in Nigeria.
- Boost the managerial capacity of agri-businesses and MSMEs to grow the enterprises into large corporate organizations in line with the Federal Government’s agenda to develop the real sector and promote inclusive growth.
- Agriculture & Agro-allied Processing
- Art & Entertainment
- Automobile Services
- Fashion and Dressmaking
- Catering & Event Management
- Courier & Delivery Services
- Creative Industry
- Apparels and Textiles
- Cottage Industry
- Health Services
- Welding and fabrication
- Animal Husbandry
- Cosmetics, Beauty, and Makeup Artistry
- Electrical and Electronics
- POP and Tiling
- Kerbs and Electric Pole making
- Financing under the Scheme shall be for start-ups, business expansion, or revival of ailing companies. The terms of the loans shall be as follows:
- Loan amount: Up to N3,000,000
- Interest: 5% per annum for regular and 0% for non interest AGSMEIS
Tenor: Up to 7 years (depending on nature/gestation period of the project)
Moratorium: Maximum of 18 months for principal and 6 months on interest.
To access the AGMEIS loan, there are some conditions that must be met:
- Interested Applicants must undergo training by a CBN certified Entrepreneurship Development Institution (EDI)
- Interested Applicants will apply for the loan through the CBN accredited EDI
- The application will then be sent to CBN through NIRSAL MFB by the EDI, for processing.
- Those qualified will be contacted and given the loan.
- Fill clearly the form with all the details required, sign, and get them authenticated by the EDI.
Requirements either during the application or before final approval/disbursement
- Certificate issued by a CBN certified EDI
- Details of two (2) Guarantors
- Valid ID card
- A Business Plan provided by the EDI
- The above statements are intended to describe the general nature and level of work to be performed by people assigned to it.
- They are not to be construed as an exhaustive list of all responsibilities, duties and skills required of personnel so classified.
- All personnel may be required to perform other responsibilities in addition to those specified from time to time, as needed.
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