NIRSAL MicroFinance AGSMEIS Loan 2020 application is in progress.
You can access up to N10M at 5% per annum from the Agric, Small and medium enterprise scheme (AGSMEIS), an initiative from Central Bank of Nigeria (CBN) – without collateral.
AGSMEIS is an initiative of the Bankers’ Committee in a bid to support and complement the Federal Governments’ efforts at promoting Agri-businesses/Small and Medium Enterprises as a vehicle for sustainable economic development and employment generation.
Objectives of Agric, Small and Medium Enterprise Scheme (AGSMEIS)
The objectives of the Scheme include :
◦ To ensure Small and Medium Enterprises (SMEs)have access to finance
◦ To generate much-needed employment opportunities in Nigeria
◦ To develop agricultural value chain and ensure sustainable agricultural practices.
◦ To boost the managerial capacity of Agri-Business/SMEs as pipelines of growing enterprises that can become huge corporate organizations.
AGSMEIS Loan Eligibility
MSMEs in the following sectors are eligible:
◦ Agricultural businesses,
◦ Services (Hospitality, Restaurants, Catering, Services, etc),
◦ Creative Industry (Fashion, Design, Crafts, Entertainment, etc),
How To Apply For AGSMEIS Loan In Nigeria Without Collateral
Visit www.nmfb.com.ng/sme to apply online and choose an EDI training centre close to your location.
Attend a one week compulsory training at a CBN certified Entrepreneurship Development Institute (EDI) as soon as you are admitted and pay #10,000 for training and certificate.
Apply For Loan
The Entrepreneurship Development Institute (EDI) guides and assists you in getting all necessary documents, uploading your certificate and all that is required to secure the loan. There is agsmeis loan application form pdf sample I uploaded online for informative purpose. You can get the current application form from the CBN EDC that trained you.
Create a Business Plan
Here, your EDI can guide you in creating a business plan online or you can choose to buy a business plan through the NIRSAL portal on your profile.
Open a Current Account
You are required to open a current account with NIRSAL MicroFinance Bank
Loans are paid into the NIRSAL Micro-Finance Bank account of beneficiaries after you have successfully sat for an interview. Unqualified candidates are given feedback.
Sell products and services to pay back loan and make profit.
Run your business, keep proper records, monitor sales and expenses to maximize profit and pay back the loan.
What is AGSMEIS Loan Interest Rate?
Five percent(5%) for the first five(5) years. If you obtain One Million Naira(N1,000,000), you will pay back One Million Fifty Thousand Naira(N1,050,000) throughout the duration of the loan.