Steps on How to Apply/Register for CBN Agric Fund Loan by AGSMEIS & MSMEDF – Do you know you can access up to N10M at 9% per annum from the Agric, Small and medium enterprise scheme (AGSMEIS), an initiative from Central Bank of Nigeria (CBN). The Central Bank of Nigeria (CBN) has given guidelines on how to apply or register for the non-interest or free loan through AGSMEIS (Agri-Business, Small and Medium Enterprise Investment Scheme) and MSMEDF (Micro, Small and Medium Enterprises Development Fund). TO APPLY USE THE STEPS AND GUIDELINES BELOW
In order to reduce unemployment among the youth in the country, CBN set out this non-interest loan to engage youths into Agricultural Production across the country between now and 2023.
Documents Required for CBN Agric Fund Loan
- Applicants duly completed application form.
- Applicants Bank Verification Number (BVN) is required
- Applicants Certificate of Training from recognized Entrepreneurship Development Institution (EDI) or evidence of membership of organized private sector association is required
- Applicants Letter of Introduction from any of the following: Clergy, Village Head, District Head, Traditional Ruler, senior civil servant etc (for individuals, microenterprises only) is required
- Applicants Evidence of registration of business name or certificate of incorporation and filing of annual returns (where applicable) in compliance with the provisions of the Companies and Allied Matters Act (1990) is required
How much (Amount) does CBN pay for Agric Fund Loan
You can be paid N10,000,000 once you are eligible for the loan.
Steps on How to Access/Register for CBN Agric Fund Loan
- The CBN Agric application of the Fund shall be categorized into three broad components. They are debt, equity and developmental components.
- The debt component shall constitute 50% of the fund which shall be disbursed as financings to eligible businesses through Non-Interest Deposit Money Banks.
- Asset purchased shall be registered with the National Collateral Registry (NCR).
- Financing limit: N10,000,000
- Mark-up: 5% per annum
- Tenor: Up to 7 years (depending on the nature/gestation period of the
- Moratorium: Maximum of 18 months for principal and 6 months on mark-up.
How to Apply for CBN Agric Fund Loan
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