AGSMEIS loan: So what is the Loan about?
You may have been told that as an SME, you could get a loan from CBN. But you are still finding it hard to understand it and get one for yourself. Don’t worry. Relax, because in this post we have you covered.
The AGSMEIS laon is a federal government intervention funding scheme via the initiative of CBN whose aim among others is to promote the Agricultural establishment like businesseses, which will be a tool for sustainable economic development and a means of creating employment. The Central Bank Of Nigeria in collaboration with (AGSMEIS), to support and complement the Federal Governments’ endeavours at promoting Agri-businesses/Small and Medium Enterprises in the country.
For those who own a business, or for those who are prospective Businesses owners, then you should note that the Agribusiness small and medium enterprises investment has been specifically designed by the federal government in collaboration with the CBN to promote agricultural businesses of micro, small, medium enterprises (MSME).
The AGSMEIS is a federal government initiative based on the intervention of funding scheme via CBN which promotes Agric businesses as a too for sustainable economic development and employment generation.
You may have been wondering why this initiative was birthed. It came into existence by the Central Bank of Nigeria (CBN) in conjunction with the Bankers’ Committee, who created the Agri-Business/Small and Medium Enterprise Investment Scheme AGSMEIS Loan, as a veritable too initiative aimed at supporting the Federal Government’s endeavours in the promotion of agricultural businesses and small/medium enterprises (SMEs) in the country, you can apply for the Loan with collateral for the AGSMEIS loan which will be disbursed by NIRSAL Microfinance Bank and other related designated commercial banks
For those Interested Nigerian who are involved in Agriculture or other related SME businesses can access up to N10 Million from the AGSMEIS Loan, at a single-digit interest rate of 9% per annum.
let’s take a detailed look at the requirement and steps needed to access the AGSMEIS Loan
The following Eligibility For AGSMEIS Loan
• Agricultural sector.
• Real sector including Manufacturing, mining, and petrochemicals.
• Service sector including Information and Communication (ICT) and the Creative Industry.
• Other businesses as determined by the Central Bank of Nigeria (CBN).
• Duly completed application form.
• Bank Verification Number (BVN).
• Certificate of Training from any recognized Entrepreneurship Development Institution (EDI) or evidence of membership of organized private sector
• You should have your Letter of Introduction from any of the following persons; Clergy, Village Head, District Head, Traditional Ruler, senior civil servant, etc. (for individuals/ micro enterprises only).
• You should also have an evidence of registration of business name or certificate of incorporation and filing of annual returns (where applicable) which should be in sync with the provisions of the Companies and Allied Matters Act (1990).
• Tax Identification Number (TIN) and current Tax Clearance Certificate TCC) where applicable.
• You must have been trained by an Enterprise Development Institute after which you will fill the form. They will in turn submit your form to CBN.
• CBN will ask banks to verify your account details and then CBN proceeds to conduct its own assessment.
Step 1: Get Trained
As a matter importance, all Applicants must attend the training with a CBN certified Entrepreneurship Development Institute (EDI). Look for the center close to you. They have centers spread all over the country.
Step 2: Apply For Loan
The Entrepreneurship Development Institute (EDI) will be your guide and will help you in applying for the loan by getting all important documents that are required for the processing of the loan. So you are to follow their leading
Step 3: Receive Funds
For beneficiaries who have been qualified for the loan, they will be paid into the account, however for those who are unqualified candidates, they will be given feedback.
Step 4: Get Business Support Services
I’m addition, the Entrepreneurship Development Institute (EDI) will be assisting you to execute the business plan which is drawn and the institute will also provide adequate business support services commercially.
Step 5: Make Sales
You are expected to sell your Agric produce and services to pay back your loans and make profit in the process too. It should be noted that beneficiaries are expected to run the business by keeping a proper and detailed business records, monitor sales, and expenses to be able to maximize profit and pay back your loan.
OTHER AGSMEIS? OPPORTUNITIES
1. Business Support Providers: Applicants can also be registered with NIRSAL and offer your support services to the beneficiaries.
2. Vendors and Suppliers: You can register and supply good quality products and equipment to the beneficiaries.
Visit here to register