How To Easily Access CBN AGSMEIS SME Loan

How To Easily Access CBN AGSMEIS SME Loan

As the Agri-Business/Small and Medium Enterprise Investment Scheme (AGMEIS) is currently ongoing, it will be a nice time to walk you through how to access the loan, so make sure you read until the end.

Before we move further if you are looking for other Federal Government Loan Programmes That Application is Currently Ongoing, then kindly click HERE

The Agri-Business/Small and Medium Enterprise Investment Scheme (AGMEIS) is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.

Who is Eligible for AGSMEIS?

MSMEs in the following sectors are eligible:

  • Agricultural businesses
  • Education
  • Health
  • Services (Hospitality, Restaurants, Catering, Services, etc),
  • ICT
  • Manufacturing/Production
  • Mining
  • Creative Industry (Fashion, Design, Crafts, Entertainment, etc)
  • Other businesses as determined by CBN

Features of AGSMEIS?

  • Interest Rate: 5%
  • Tenor: 7 years
  • Moratorium: Maximum of 18 months on Principal and 6 months on Interest

Six Steps On How To Access The CBN/NMFB AGSMEIS Loan

Step 1: Get Trained

Attend compulsory training with a NIRSAL MFB certified Entrepreneurship Development Institute (EDI).

Step 2: Apply For Loan

Kindly visit https://agsmeisapp.nmfb.com.ng/ and create an account by clicking on ‘Apply now’ as an applicant, validate your BVN and select a NIRSAL MFB certified Entrepreneurship Development Institute (EDI).

Step 3: Receive Funds

Loans are paid into the account of beneficiaries, so you will make sure you submit your correct account number. Unqualified candidates are given feedback.

Step 4: Get Business Support Service

The Entrepreneurship Development Institute assists you to implement a business plan and provide business support services commercially

Step 5: Make Sales

Sell products and services to pay back loans and make a profit.

Step 6: Repay Loan

Run your business, keep proper records, monitor sales, and expenses to maximize profit, and pay back the loan.

Other Things You Need To Know

What are the requirements of an AGSMEIS loan?

  • Duly completed application on the portal
  • Certificate of training from a CBN certified Enterprise Development Institution
  • Submit Business Plan and Loan Application
  • Provide Two Guarantors who have a good credit history.
  • Pass Online Assessment (This replaces physical interview)

How long before I receive funds?

This loan scheme is designed to be easily accessible. The entire process is automated. From application submission to disbursement should take about eight(8) weeks.

How To Easily Access CBN AGSMEIS SME Loan

By Okpara Kenneth

https://www.flippstack.com

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