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Do you know you can get up to 10,000,000 Collateral free loan from CBN, with an interest rate of 5% per annum for up to 7 years tenor?

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How to access up to 10-million-naira collateral-free CBN loan for small businesses and individuals.



The Central Bank of Nigeria is giving collateral-free loans of up to N10,000,000 (Ten million Naira) to small businesses in a scheme called; Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS).

INTRODUCTION

The Scheme supports governments policy measures for the promotion of agricultural businesses, micro, small and medium enterprises (MSMEs) as vehicles for sustainable economic development and employment generation.

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 Federal The 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

 

Step 1

Get Trained

Attend a one-week compulsory training at a CBN certified Entrepreneurship Development Institute (EDI). You can check the list of CBN EDC Centres in Nigeria.

 

Step 2

Apply For Loan

The Entrepreneurship Development Institute (EDI) guides and assists you in getting all the necessary documents required to secure the loan. You can get the current application form from the CBN EDC that trained you.

 

Step 3

Receive Funds

Loans are paid into the account of beneficiaries. Unqualified candidates are given feedback.

 

Step 4

Get Business Support Services

The Entrepreneurship Development Institute assists you to implement business plans 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.

Modalities

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 N10,000,000

What is AGSMEIS Loan Interest Rate?

Interest: 5% per annum for the first five (5) years

More info at :  www.nmfb.com.ng/sme

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.

Eligible applicants shall pick-up and submit a completed application form to the EDIs

To access the AGMEIS loan, there are some conditions that must be met:

1. Interested Applicants must undergo a one-week 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 for processing.

4. Applicants will be called for an interview regarding their business.

5. Those qualified will be contacted and given the loan.

6. Fill clearly the form with all the details required, sign and get them authenticated by the EDI.

IMPORTANT NOTE:

You have to attend a compulsory one-week training with a CBN certified Entrepreneurship Development Institute (EDI).

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.

Due to COVID-19, most of the EDIs are conducting the one week training online as follows:

*Processing Fee: N25,000*

The fee covers compulsory Training, Writing of Business Plan, other support services such as uploading of your documents to the CBN portal.

About the National Microfinance Bank

The National Microfinance Bank is a leading Nigerian financial institution licensed by the Central Bank of Nigeria (CBN) in Nigeria. The Company was incorporated as a Private Limited Company in 2019 and commenced operations following the grant of a license by the Central Bank of Nigeria to operate as a National Microfinance Bank in the same year. It is Owned 50% by the Bankers Committee, 40% by NIRSAL, and 10% NIPOST. So far, the bank has disbursed approximately 776 million in loans to eligible SMEs under the AGSMEIS.

A List of CBN Entrepreneurship Development Centres in Nigeria (CBN EDC Centres in Nigeria)

Below is the list of CBN EDC Centres in Nigeria and their addresses:

CBN-EDC, Ibadan (South West)

Website: www.edcsouthwest.org

Address: Old SDSTC (Oyo Oodua Skill Acquisition Centre Premises),

Samonda, along Sango-UI Road,

Ibadan, Oyo State, Nigeria.


If you are looking for CBN approved entrepreneurial development centres in Lagos, you can check out:

Centre for Entrepreneurial Development

website: www.cedl.org

36, Murtala Mohammed International

Airport Road, Lagos.


CBN-EDC, PortHarcourt (South South)

Website: www.ssedc.org

30 Trans-Woji road, Grace plaza, by Slaughter Bridge Woji Town,

Port Harcourt, Rivers State.

 

CBN-EDC, Maiduguri (North East)

website : edcnortheast.com.ng

Address: Old Informatics Institute, Njimtillo, Kano Road,

Maiduguri, Borno State.

 

CBN-EDC, Kano (North West)

Address: Murtala Muhammed Library Complex,

Kano, Kano State.

 

CBN-EDC, Makurdi (North Central)

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.

 

You can get more contact addresses of Entrepreneurship development centres in Nigeria @ https://www.boi.ng/edcpartners/

 

 

 

Location: Unnamed Road, Ghan NT 0872, Australia

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