How To Apply For The CBN AGSMEIS Loan Without Collateral

The Global Pandemic, caused by the widespread of the Corona Virus, brought down a lot of Businesses.

And if you are on this page, it means that your finances were affected, one way or the other.

In order to reduce the damages caused by the lockdown, the Federal Government of Nigeria has decided to disburse Loan Grants, to SME’s.

And in addition to the assistance that has been provided by the Federal Government, the Central Bank of Nigeria has also provided additional support, by providing the CBN AGSMEIS Loan, for SME’s and Agricultural Business as well.

In the course of this article, we would guide you to the successful application of this Loan Grant.

So, ensure that you read to the end, equip yourself with the necessary requirements, and apply as soon as possible.

CBN AGSMEIS Loan

Just as earlier mentioned, the Central Bank of Nigeria created this Loan to support the efforts of the Federal Government, in the promotion of Agricultural Business, as well as SME’s in the Country (Nigeria).

And the good news here, is that you can apply for the CBN AGSMEIS Loan, without any form of collateral.

All you need to do, is to take note the necessary requirements that has been discussed on this page, and act according to the application procedures that has been provided.

Note that beneficiaries of this Loan Grant, can access up to Ten Million Naira (10, 000, 000NGN), at a single digit interest rate of 9% per annum.

Kindly go through the eligible sectors below, to find out if you are qualified.

Eligible Sectors

The Central Bank of Nigeria has announced that only Business in the following Industries, would be eligible for this loan;

• Agriculture
• Services Sector, such as the Creative Industry, ICT (Information and Communication Technology).
• Real Sector, such as Petrochemicals, Manufacturing and Mining.

As well as other Businesses that would be determined by the Central Bank of Nigeria.

We have also provided you with the basic requirements below;

Basic Requirements

To be eligible for the CBN AGSMEIS Loan, you would have to;

• Fill in the application form correctly.
• Provide your Bank Verification Number (BVN).
• Provide a Letter of Introduction, from either your Traditional Ruler, Village Head, Senior Civil Servant, or Clergy.
• Provide Evidence of registration of Business name, or filling of annual returns in compliance with the provisions of Allied Matters Act (1990) and Companies, or Certificate of Incorporation.
• Provide Certificate of training, from a recognized EDI (Entrepreneurship Development Institution), or a proof of membership, of the organized private sector.
• Provide your TIN (Tax Identification Number), and also the Tax Clearance Certificate (TCC), if required.

In addition to this, you must have been trained by an EDI (Enterprise Development Institute), which would require that you fill some forms.

Also note that the Central Bank of Nigeria would have to verify your account details, as they would proceed to conduct their personal assessment.

With all these noted down, it would be ideal to proceed to the application procedures of the CBN AGSMEIS Loan.

Application Procedures For The CBN AGSMEIS Loan

The procedures that are involved, in applying for this Loan Grant from the Central Bank of Nigeria (CBN), has been outlined below.

They include;

• Applicants would be required to attend a compulsory training with a CBN Certified EDI (we have already talked about the full meaning of EDI).
• The Entrepreneurship Development Institute (EDI) would provide you with detailed assistance, in the application of the loan.
• They would accomplish this by getting all the documents that the loan requires.
• If you become a beneficiary of this loan, the grant would be paid directly to your Bank Account.
• The EDI would assist you to implement the Business plan that has been drawn, and also help you provide Business support services, commercially.
• Finally, you would have to make revenues from the sales of your products and services, in order to pay back the loan.

Do well to keep proper records, monitor sales and maximize profit, in order to achieve this.

Also See; CBN LAUNCHES N72 BILLION YOUTH INVESTMENT FUND.