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How To Easily Access New CBN Non-Interest and Collateral-free Business Loan



NIRSAL MFB Loan Approval

How To Easily Access New CBN Non-Interest and Collateral-free Business Loan

If you are a business owner in Nigeria and you need a Loan to boost your business, then this is your opportunity to get your hands on the new CBN N500,000, 750,000, and 3,000,000 Non-Interest and Collateral-free Business Loan as we walk you through the procedure on how to apply.

The President Buhari-led administration has launched a new business loan for business owners in Nigeria which is divided into two different categories, Non-Interest and Collateral-free.

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The CBN has introduced a 50 Billion Naira Non-Interest Targeted Credit Facility to support Households and MSEs in Nigeria. Loan Amount: N500,000 and N750,000 Moratorium: Up to 12 Months Tenor: Up to 36 Months.

While the Non-Interest AGSMEIS Traders deal in foodstuff, electronics, allied products, computers/phones, spare parts, building material, transportation, etc. Loan Amount: Up to N3,000,000 Moratorium: Up to 12 Months Tenor: Up to 36 Months.

Important Notice

1. These facilities are not cash-based, as the CBN will only pay approved loan amounts to their own appointed Vendors to supply you with requested items to start or support your business.

2. If you have benefited from the COVID-19 TCF, you’re not eligible for the new non-interest TCF. However, you are eligible to apply for the Non-interest AGSMEIS of N3,000,000.

3. If you have already benefited from the regular AGSMEIS programme, you are also not eligible to apply for the new non-interest AGSMEIS. However, you can apply for the non-interest TCF of N500,000 or N750,000.

4. Application for the non-interest TCF of N500,000 has no special requirements 5. Application for N750,000 requires business name, RC number, and Tax Identification Number (TIN).

6. Application for AGSMEIS of N3,000,000 requires applicants to undergo a mandatory short business training, certification and business plan writing from CBN approved Enterprise Development Institutes (EDIs). 7. To apply for N500,000 Non-Interest Targeted Credit Facility [Household],

How To Apply

Interested applicants should kindly visit to apply

2. 10 Million Naira Collateral-free CBN Loan

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.

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

Important Information


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 noninterest 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, and get them authenticated by the EDI.

Requirements For The Loan 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


Apart from training and certifying you, the EDI also guides and assists you in getting all necessary documents required to secure the loan, including a business plan. The EDI shall collate, appraise and submit applications and business plans to CBN for Applicants.

EDI Fee: N30,000

How To Easily Access New CBN Non-Interest and Collateral-free Business Loan


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