CBN Loan 2024 Application Form Portal – See How to Apply for Collateral Free loan

CBN Loan 2024 Application Form Portal: See How To Apply for Collateral Free Loan: Apply for N10 million CBN AGSMEIS 5% Loan Today. The Agric Small and Medium Enterprise Scheme (AGSMEIS) is an initiative of the Central Bank of Nigeria. CBN AGSMEIS Loan 2024 application is currently ongoing – Apply here!

 

With the CBN AGSMEIS Loan, you can access up to N10M at 5% per year from the Agric, Small and Medium Enterprise Scheme (AGSMEIS), an initiative from the Central Bank of Nigeria (CBN); this is without collateral.

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

AGSMEIS is an initiative of the Bankers’ Committee in a bid to support and complement the Federal Government’s efforts at promoting Agri-businesses/Small and Medium Enterprises as a vehicle for sustainable economic development and employment generation.

AGSMEIS is a voluntary initiative of the Bankers’ Committee approved at its 331st meeting held on 9th February 2017. The Scheme requires all banks in Nigeria to set aside 5% of their profit after tax (PAT) annually.

The initiative is to support the Federal Government’s efforts and policy measures for the promotion of Agricultural Businesses and Small and Medium Enterprises (SMEs) as vehicles for sustainable economic development and employment generation.

Objectives of the 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 an agricultural value chain and ensure sustainable agricultural practices.
• To boost the managerial capacity of agribusiness/SMEs as pipelines of growing enterprises that can become huge corporate organizations.

Objectives of CBN AGSMEIS Loan 2024/2025 Registration Exercise

MSMEs in the following sectors are eligible:

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

CBN AGSMEIS Loan Activities

The activities covered by the Central Bank of Nigeria Agric, Small and Medium Enterprise Scheme, AGSMEIS Loan include;

• Businesses across the agricultural value chain cover inputs supply, production, storage, processing, logistics, and marketing. MSMEs in the real sector include manufacturing, mining, and petrochemicals.
• MSMEs in the service sector including information and communication technology (ICT) and the creative industry. Other activities as may be determined by the Bankers’ Committee from time to time.

CBN AGSMEIS Loan Eligibility

Now to access an AGSMEIS loan, some conditions must be met.

1. Interested applicants must have been trained by an Entrepreneur Development Institute (EDI)
2. Interested applicants will apply for loans via an EDI
3. The applications will then be sent to CBN for processing
4. Applicants will be called for an interview regarding his/her business.
5. Those qualified will be contacted and given the loan.
6. Fill the new form with all the details required, sign and get them authenticated by EDC – http://www.edcsouthwest.org/

Note: Maximum loan is 10 million; Interest rate is 5% per annum; Tenor is 7 yrs and Moratorium is 18 months.

Requirements for CBN Loan Approval of Application and Disbursement of Funds.

The following are the Requirements necessary either during application or before final approval of the CBN loan application and final disbursement of funds to an applicant.

1. Registered business with CAC
2. Evidence of tax payments
3. BVN
4. Letter of Introduction
5. Letter of Guaranty
6. Certification by an EDI
7. Passport photo of you and the guarantor
8. Valid ID card

Who Can Write Letter of Introduction for CBN AGSMEIS Loan?

1. Your Pastor
2. Chief Imam
3. LGA Chairman
4. CDA Chairman
5. Village Head
6. Senior Civil Servants Level 14 and above
7. MD of Blue Chip Companies
8. Your friend or spouse can write the guaranty letter.

Important Notice: Please note that applicants who submitted last year and were sent a link to provide further details before the last requirements came out do not need to re-submit again.

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 loan.

How To Apply For CBN AGSMEIS Loan Form 2024 Without Collateral.

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. Download the agsmeis loan application form pdf. Note that, 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 in implementing a business plan and providing 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.

About National Microfinance Bank (NMFB).

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% by NIPOST. So far the bank has disbursed approximately 776 million in loans to eligible SMEs under the AGSMEIS.

List of CBN Approved Entrepreneurial Development Centers (EDC) in Nigeria.

The CBN EDC Centres in Nigeria provide physical structures, training materials, equipment, human resources, and other facilities that would assure internationally competitive, effective, and sustainable services capable of meeting the needs of MSMEs in the country. This is to encourage private entrepreneurship, self-employment, job creation, income growth, poverty eradication, and economic development.

The CBN Entrepreneurship Development Centres (CBN EDCs) which target those with at least secondary education have the following specific objectives:

• To develop an entrepreneurship spirit amongst Nigerians and provide insight into the tools,
  techniques and framework for managing all functional areas of business enterprise, including
  production, marketing, personnel, and finance.
• To develop skills of would-be-entrepreneurs to successfully start, expand, diversify and
  manage business enterprises as well as link them with financial institutions for start-up capital,
  especially the microfinance banks.
• To generate employment opportunities for Nigerians in pursuance of the provisions of the
  National Economic Empowerment and Development Strategy [NEEDS] and recent vision
  2024.
• To raise a new class of entrepreneurs/owners, who can compete globally and succeed in
  managing MSMEs and providing the bridge for the future industrialization of the country.

List of CBN EDC Centres in Nigeria.

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

CBN-EDC, Kano (North West)
Address: Murtala Muhammed Library Complex,
Kano, Kano State

CBN-EDC, Makurdi (North Central)
Off Jonah Jang Crescent,
Near the 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.

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.

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

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

Centre for Entrepreneurial Development
website: www.cedl.org
36, Murtala Mohammed International
Airport Road, Lagos.