How To Easily Access CBN Agricultural Credit Support Scheme (ACSS) Loan
Are you a Nigerian farmer looking for a loan to boost your Agriculture business? if your answer is yes, then you are at the right place as we will be walking you through how to easily access the CBN Agricultural Credit Support Scheme (ACSS) Loan.
Before we continue, you will be happy to know that the CBN AGSMEIS SME Loan portal is currently open for new applications, click HERE to see how you can easily access the loan.
You may also want to read Five (5) Federal Government Loan Programmes That Application is Currently Ongoing in 2021
About CBN Agricultural Credit Support Scheme (ACSS) Loan
The ACSS is an initiative of the Federal Government and the Central Bank of Nigeria with the active support and participation of the Bankers Committee with the Scheme having a prescribed fund of N50.0billion.
ACSS was introduced to enable farmers to exploit the untapped potentials of Nigeria’s agricultural sector, reduce inflation, lower the cost of agricultural production (i. e. food items), generate surplus for export, increase Nigeria’s foreign earnings as well as diversify its revenue base. At the national level, the scheme operates through a Central Implementation Committee (CIC) while at the Federal Capital Territory (FCT) and State levels, the Scheme operates through State Implementation Committees (SICs) instituted to ensure that the objectives of the scheme are realized without hindrance.
Requirements For The CBN Agricultural Credit Support Scheme Loan
1. Applicant must be a Nigerian farmer.
2. Applicant must provide collateral if his/her loan amount is above N20,000.
3. The collateral must be in a tangible form or in the form of 25% cash security of the intended loan amount in the form of savings.
Interest Rate Of The CBN Agricultural Credit Support Scheme Loan
ACSS funds are disbursed to farmers and agro-allied entrepreneurs at a single-digit interest rate of 8.0 percent. At the commencement of the project support, banks will grant loans to qualified applicants at a 14.0 percent interest rate. Applicants who pay back their facilities on the schedule are to enjoy a rebate of 6.0 percent, thus reducing the effective rate of interest to be paid by farmers to 8.0 percent.
You may also want to read Federal Government Loans For Small Businesses To Apply in Nigeria
How To Apply
Application forms under the Scheme are obtainable from various branches of participating banks throughout the country. The various forms normally completed in the operation of the Scheme by banks can be downloaded from the list below:
- Application for credit facilities
- Application for Guarantee
- Application for Enhancement
- Application for Extension
- Notice of Default
- Guarantee Claims
Interested and qualified applicants should kindly visit the CBN ACSS website at https://www.cbn.gov.ng/devfin/acgsf.asp to apply.