Tag Archives: AGSMEIS

FG Opens New Portal For AGSMEIS Loan

Posted on by
Reply

FG Opens New Portal For AGSMEIS Loan – The federal government of Nigeria, through the Nirsal Microfinance Bank (NMFB) had announced its readiness to open new improved/ Customer-friendly AGSMEIS loan portal. They have made it a reality as the portal has been fully launched. Therefore, NMFB customers will have a better service unlike before while processing their loan application.

For those who are yet to access the portal, below are things to expect from the newly launched portal of NMFB;

  • Users/customers can easily track their loan applications.
  • At all level, there will be constant feedback.
  • Easy migration of existing information (applications) from the old portal to the new one.
  • Able to repay loan easily and lot more.

For those that aren’t familiar with the NMFB Loan scheme, it is a special loan scheme meant for special groups of beneficiaries, and it’s tagged ‘Agric, Small, and medium enterprise scheme’ (AGSMEIS).

The AGSMEIS is an initiative of CBN that will enable SMEs easily have access to funds worthing up to ten million naira (N10,000,000) yearly for just 9% interest rate.

The New AGSMEIS Loan Login Portal

The link to the new portal of AGSMEIS Loan application is https://agsmeisapp.nmfb.com.ng/ You can help friends and family member get to know the new link by sharing this information with them.

Originally posted 2023-05-20 06:10:25.

How To Apply For CBN AGSMEIS Loan In Nigeria

Posted on by
Reply

How To Apply For CBN AGSMEIS Loan In Nigeria – The Agric Small and Medium Enterprise Scheme (AGSMEIS) is an initiative of the Central Bank of Nigeria (CBN), aimed at empowering agric businesses across the country. In this post, you will learn how to apply for the CBN AGSMEIS loan in Nigeria.

You may also like to check how to access loans from CBN Anchor Borrowers programme. Be informed that CBN AGSMEIS loan application for 2023 is still ongoing, and we are here to show you how to apply for the loan. With AGSMEIS, you can access up to N10 million loan from CBN. The interest rate is just 5% without collateral.

Before we show you how to apply for CBN AGSMEIS loan, let’s give you more clarifications by answering some pressing questions.

What is AGSMEIS?

Agric Small and Medium Enterprise Scheme (AGSMEIS) is an initiative of the Central Bank of Nigeriain in a bid to complement the Federal Governments’ efforts at promoting Agric businesses in Nigeria (both small and medium
enterprises) as a vehicle for sustainable economic development. The schem is a voluntary initiative of the Bankers’ Committee which was approved at its 331st meeting held on on February 9, 2017.

The scheme mandated all banks in Nigeria to set aside 5% of their anual profit after tax (VAT). The primary aim of the initiative is to support the government’s efforts and policy measures toward promotion of Agric businesses in the country.

What is the aim of Agric, Small and Medium Enterprise Scheme (AGSMEIS)?

The objectives of the scheme are to ensure;

1. Small and medium enterprises have
access to finance.

2. Create employment opportunities in
Nigeria.

3. Development of agricultural value and sustainable agric practices.

4. Boost the managerial capacity of Agric businesses for national development.

List of sectors eligible for CBN AGSMEIS loan

CBN MSMEs eligible sectors include;

  • Agricultural businesses
  • Health
  • ICT,
  • Education
  • Manufacturing/Production,
  • Services (Hospitality, Restaurants Catering, Services)
  • Mining,
  • Creative Industry (Fashion, Design, Crafts, Entertainment)
  • Others

CBN AGSMEIS Loan Conditions

Here are conditions that must be met begore you can access CBN AGSMEIS;

  • Applicant must have been trained by an Entrepreneur Development Institute (EDI)
  • Must apply for the loan through EDI, and from there the applications will be sent to CBN for processing.
  • Applicants will be called for an interview regarding his/her business, and those qualified will be contacted and given the loan.

Requirements for CBN AGSMEIS loan

Below are the loan requirements for approval and disbursement of funds to applicants;

  • Business must be registered with Cooperate Affair Commission (CAC).
  • Must privide evidence of tax payments
  • Bank Verification Number (BVN)
  • Letter of Introduction
  • Valid government issued ID card
  • Certification by an EDI
  • Passport photo of applicant and guarantor
  • Letter of Guaranty

Who can write letter of introduction for CBN AGSMEIS loan?

Any of the following can write the letter:

  • Your Pastor
  • LGA Chairman
  • Village Head
  • Chief Imam
  • CDA Chairman
  • Senior Civil Servant (above level 14)

AGSMEIS loan interest rate and duration

The loan interest rate is 5% for the first five years. Example: If you obtain N1million loan, you will pay back N1million + N50,000 throughout the duration of the loan.

How to apply for CBN AGSMEIS loan

Below are steps to apply for CBN AGSMEIS loan;

1. Apply for loan as EDI Apply through Entrepreneurship Development Institute (EDI); they will help you to secure the loan. Click Here, to apply and for more information about the loan.

2. Apply as applicable To apply as an individual applicant, kindly click here, to fill the application form.

3. Receive funds Loans are paid into the bank account of the beneficiaries.

4. Get business support services The Entrepreneurship Development Institute assists you to implement business plan and provide business support services commercially.

List of CBN aproved EDC centres in Nigeria

Below is the list of CBN EDC centres in Nigeria and their addresses;

CBN-EDC, Ibadan (South West)

Their address is Old SDSTC (Oyo Oodua Skill Acquisition Centre Premises), Samonda, along Sango-UI Road, Ibadan, Oyo State, Nigeria. You can contact them via their website at www.edcsouthwest.org.

CBN-EDC, PortHarcourt (South
South)

Their web address is www.ssedc.org. Office address is at 30 Trans-Woji road, Grace plaza, by Slaughter Bridge Woji Town, Port Harcourt, Rivers State.

CBN-EDC, Maiduguri (North East)

Office address is, Old Informatics Institute, Njimtillo, Kano Road, Maiduguri, Borno State. Website is edcnortheast.com.ng

CBN-EDC, Kano (North West)

The address is, Murtala Muhammed Library Complex, Kano, Kano State.

CBN-EDC, Makurdi (North Central)

The Address: Off Jonah Jang Crescent, Near Federal Secretariat, Makurdi, Benue State.

CBN-EDC, Minna (North Central)

Address: Minna Innovation Institute, Behind Niger State Sharia Commission, Justice Ndajiwo Drive, Minna, Niger State.

CBN-EDC, Enugu (South East)

Address: Ebenezer Villa Suite 8, Ogenyi Close, Off Cornerstone Avenue, Off Nike Lake Resort Road, Enugu, Enugu State.

We will stop here, however, you can get more EDC address and contact at https://www.boi.ng/edcpartners/

Originally posted 2023-05-05 07:21:07.