FAQs

Home FAQs

FAQs

WHAT IS AGSMEIS
AGRIBUSINESS, SMALL & MEDIUM ENTERPRISE INVESTMENT SCHEME
WHAT IS THE INTEREST RATE
THE INTEREST RATE IS JUST 5% to 9% WITH NO OTHER HIDDEN CHARGE
WHAT IS IT FOR
  • IT IS A FEDERAL GOVERNMENT INTERVENTION FUND
  • IT IS MORE OF AN INVESTMENT SCHEME FOR SMEs
  • IT IS FOR BUILDING SMEs
  • IT IS TO BRING DOWN THE COST OF DOING BUSINESS FOR SMEs
  • IT IS TO HELP SMEs COMPETE FAVOURABLE IN THE MARKET
  • IT IS TO HELP CREATE MORE JOBS
  • IT IS TO ELIMINATE THE PROBLEM OF COLLATERARISED FUNDS
  • IT IS TO MAKE FUNDS EASILY AVAILABLE FOR SMEs
HOW DO I QUALIFY?
  • YOU MUST HAVE A REGISTERED BUSINESS NAME WITH CAC
  • YOU MUST HAVE EVIDENCE OF PAYING PERSONAL INCOME TAX
  • YOU MUST HAVE A BVN AND A PERSONAL CURRENT ACCOUNT
  • YOU MUST GET A LETTER OF INTRODUCTION FROM ANY OF THE FOLLOWING – PASTOR, IMMAM, VILLAGE HEAD OR SENIOR CIVIL SERVANT OF NOT LESS THAN LEVEL 14
  • YOU MUST BE CERTIFIED BY AN EDI(ENTREPRENEUR DEVELOPMENT INTITUTION).
  • YOU MUST HAVE A VALID MEANS OF IDENTIFICATION
  • YOU MUST FILL THE CBN AGSMEIS LOAN FORM
HOW DO I PREPARE FOR THE INTERVIEW TO PASS?
IT IS THE RESPONSIBILITY OF THE EDIs TO TAKE YOU THROUGH A CERTIFICATION PROCESS TO PREPARE YOU .
IT IS ALSO THE DUTY OF THE EDIs TO PREPARE YOU FOR THE EFFECTIVE USE OF THE FUND FOR MAXIMUM UTILISATION AND PROFITABILITY
IS THERE ANY MORATORIUM PERIOD?
  • YES THERE IS A MORATOIUM OF 6 MONTHS FOR INTEREST
  • THERE IS ALSO 18 MONTHS FOR THE PRINCIPAL
  • THIS MEANS THAT FOR THE FIRST 6 MONTHS OF TAKING THE LOAN YOU WILL ENJOY THE LOAN WITHOUT PAYING ANYTHING.
  • AFTER 6 MONTHS YOU BEGING THE PAYMENT OF THE INTEREST ONLY TILL 18 MONTHS
  • AFTER 18 MONTHS YOU WILL NOW BE PAYING BOTH PRINCIPAL AND INTEREST
HOW WILL I KNOW IF AM QUALIFIED FOR THE LOAN?
  • WHEN ALL YOUR DOCUMENTATIONS ARE COMPLETE THE EDI WILL FORWARD YOUR PROPOSAL/FORM TO THE CBN
  • THE CBN AFTER SCRUTINISING YOUR DOCUMENTS WILL CALL YOU FOR AN INTERVIEW TO DEFEND YOUR PROPOSAL
  • WHEN YOU PASS THE CBN YOU WILL BE INFORMED VIA A CREDIT ALERT IN YOUR PERSONAL BANK ACCOUNT
WHO CAN BENEFIT?
  • SMALL SCALE MANUFACTURERS
  • SCHOOL OWNERS
  • FARMERS
  • SERVICE PROVIDERS
  • ENTERTAINERS
  • FASHION DESIGNERS
  • CONFECTIONARY/BAKERS
  • CATERERS
  • AGRO PROCESSORS
  • MARKETERS
FOR HOW LONG CAN I USE THE MONEY
THE MAXIMUM TENOR OF THE LOAN IS 7 YEARS DEPENDING ON YOUR LINE OF BUSINESS

our partners

Easternpreneurs Inquery Teamy

If you have any business, ideas but lack fund. all you need to do is very simply call us today.

+234 802 999 1100 or Contact Us

Powered by: C.B.N