Loan & Grants

NMFB NON-INTEREST AGSMEIS: How to Access up to 3 Million Naira CBN Loan Without Collateral

We are excited to inform you that 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).

Introduction

The Scheme supports government policy measures for the promotion of agricultural businesses, and micro, small and medium enterprises (MSMEs) as vehicles for sustainable economic development and employment generation.

Objectives of the Scheme

  • To improve access to affordable and sustainable finance by Agribusinesses, Micro, Small, and Medium Enterprises (MSMEs).

Eligible sectors/businesses

  1. Agriculture & Agro-allied Processing
  2. Art & Entertainment
  3. Automobile Services
  4. Fashion and Dressmaking
  5. Catering & Event Management
  6. Courier & Delivery Services
  7. Creative Industry
  8. Apparels and Textiles
  9. I.C.T
  10. Cottage Industry
  11. Media
  12. Publishing
  13. Telecommunications
  14. Hospitality
  15. Health Services
  16. Welding and fabrication
  17. Animal Husbandry
  18. Cosmetics, Beauty, and Makeup Artistry
  19. Electrical and Electronics
  20. POP and Tiling
  21. Carpentry
  22. Masonry
  23. Kerbs and Electric Pole making

Modalities

  • 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:

  1. Interested Applicants must undergo training by a CBN-certified Entrepreneurship Development Institution (EDI)
  2. Interested Applicants will apply for the loan through the CBN-accredited EDI
  3. The application will then be sent to CBN through NIRSAL MFB by the EDI, for processing.
  4. Those qualified will be contacted and given the loan.
  5. Fill clearly the form with all the details required, sign it, and get them authenticated by the EDI.

Requirements either during the application or before final approval/disbursement

  1. BVN
  2. Certificate issued by a CBN-certified EDI
  3. Details of two (2) Guarantors
  4. Valid ID card
  5. A Business Plan provided by the EDI

Apply here: https://nibloans.nmfb.com.ng/agsmeisnoninterestlending

Leave a Reply

Your email address will not be published.

Back to top button