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April 25, 2018
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Application process for the CBN-AGSMEIS Loan in Nigeria

What is AGSMEIS?

The Agri-Business/Small and Medium Enterprise Investment Scheme is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.

The scheme 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 annual profit after tax (VAT). The primary aim of the initiative is to support the government’s efforts and policy measures toward promotion of Agriculture.

 

What is the aim of 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 agricultural practices.
4. Boost the managerial capacity of Agribusinesses 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;

1. Applicant must have been trained by an Entrepreneur Development Institute (EDI)
2. Must apply for the loan through EDI, and from there the applications will be sent to CBN for processing.
3. 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;

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

8. Letter of Guaranty

Who can write letter of introduction for CBN AGSMEIS loan?
Any of the following people can write the letter:

_Your Pastor
_LGA Chairman
_Village Head
_Chief Imam
_CDA Chairman
_Senior Civil Servant (above level 14)

The loan interest rate is 9% for the first five years.

How to apply for CBN AGSMEIS loan
Below are steps to apply for CBN AGSMEIS loan;

1. Get trained
You should attend a one-week compulsory training at a CBN certified Entrepreneurship Development Institute (EDI).
2. Apply for loan
Apply through Entrepreneurship Development Institute (EDI); they will help you to secure the loan.
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)
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

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 EDC addresses and contacts here https://www.boi.ng/edcpartners/

Visit this link to apply for the loan now https://nirsalmfb.caderp.com/account/landingpage

Official NIRSAL SITE

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