How to apply for Central Bank of Nigeria N10,000,000 Collateral-free Loan for small businesses

By AdvocateNews on 30/11/2019

Share on facebook Yahoo mail icon Gmail icon

Views: 4,562


The Central Bank of Nigeria is giving collateral free loans of up to N10,000,000 (Ten million Naira) to small businesses in a scheme called; Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS)

Introduction 

The Scheme supports governments policy measures for the promotion of agricultural businesses, micro, small and medium enterprises (MSMEs) as vehicles for sustainable economic development and employment generation. 

Objectives of the Scheme 

The objectives of the Scheme are to: 

1. Improve access to affordable and sustainable finance by Agri-businesses, Micro, Small and Medium Enterprises (MSMEs)

2. Create employment opportunities in Nigeria

3. Boost the managerial capacity of agri-businesses and MSMEs to grow the enterprises into large corporate organizations in line with Federal Governmentss agenda to develop the real sector and promote inclusive growth. 

Activities covered by the Scheme 

1. Businesses across the agricultural value chain, covering production, inputs supply, storage, processing, logistics and marketing. 

2. MSMEs in the real sector including manufacturing, mining and petrochemicals.

3. MSMEs in the service sector including information and communication technology (ICT) and the creative industry. 

4. Other activities as the Central Bank of Nigeria (CBN) may determine from time to time. 

Modalities 

Financing under the Scheme shall be for start-ups, business expansion or revival of ailing companies and must be in compliance with provisions of BOFIA (1991) as amended The terms of the loans shall be as follows: 

1. Loan limit: N10,000,000

2. Interest: 5% per annum

3. Tenor: Up to 7 years (depending on the nature/gestation period of the project)

4. Moratorium: Maximum of 18 months for principal and 6 months on interest. 

AGSMEIS LOAN SCHEME THROUGH CBN EDIs

Documentation Requirements 

Micro, Small and Medium Enterprises: 

1. Duly completed application form

2. Bank Verification Number (BVN)

3. Certificate of Training from recognized Entrepreneurship Development Institution (EDI) or evidence of membership of organized private sector association. e.g of EDI, Lagos Business School, House of Tara, Fate Foundation, Thrive Agric etc to access the loan

4. Letter of Introduction from any of the following, Clergy, Village Head, District Head, Traditional Ruler, senior civil servant, etc. (for individuals/micro enterprises only).

5. Evidence of registration of business name or certificate of incorporation and filing of annual returns (where applicable) in compliance with the provisions of the Companies and Allied Matters Act (1990).

6. Tax Identification Number (TIN) and current Tax Clearance Certificate (TCC) where applicable 

Application Process 

Micro, Small and Medium Enterprises: 

1. Enrol with a CBN certified EDI for a one-week training

2. Eligible applicants shall pick-up and submit a completed application form to the EDIs

3. The EDI shall collate, appraise and submit applications to CBN.

4. CBN shall consider the application and invite applicants for interviews

5. Upon approval, CBN shall approve the loan and disburse to necessary vendors as applicable 

Posted 30/11/2019 09:18:19 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
Demolition: Enugu govt levels Abakpa street market

Senators, Reps fight dirty over $10 million bribe...

Terrorists smuggling fish into Nigeria, says Army

Presidency’s statement on Pantami confirms sympathy for terrorism...

Former US President, Donald Trump declares Bitcoin ‘a...

Police confirm death of Abuja pastor, Evans Unaegbu...

Your reason for defection unacceptable, selfish, Ebonyi NASS...

PDP youth leader, arrested for attacking Buhari, SGF...

THE RETURN OF COVID-19

5 killed as Boko Haram kidnap 30 Ladies...

Floods sack over 70 Communities in Kogi, Displace...

PDP bombs ruling APC at convention

 

Latest News 2023: Nigeria will have two Presidents if north insists on retaining power — Igbo youths Over 150 bandit groups operating in various forests in the North, says Katsina gov 50 villagers massacred, 254 houses, 7 churches destroyed in Kaduna – Paramount ruler cries out Bandits’ kingpins, 26 others ‘massacred’ as military sustains air raid in Zamfara Money ritual: Amotekun arrests three for beheading septuagenarian Our boss deploys us in Jos to kill during religious crisis – Suspected kidnapper You can’t implement anti-open grazing law, el–Rufai tells southern govs EFCC arrests 30 cybercrime suspects at Kwara State University Ethiopian Airlines to resume flights to Enugu October 1 I don’t know how much senators earn ...I never received salary —Okorocha Enugu monarch suspended over demolition of blind man’s building 2023: Southern group slams NEF, says ‘Nigeria not for North alone’

 

Most Read I’ve no Coronavirus, govt wants to kill me – Anambra Index case (171,185 views) FG sends new directive to banks, schools as Buhari extends lockdown by four weeks (169,521 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (169,518 views) Sickle cell support group seeks government intervention (169,517 views) Ebonyi bans embalming of corpses in homes (169,517 views) Fleeing ex-DG Imo Broadcasting Corporation who stabbed wife to death arrested (169,517 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (169,516 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (169,437 views) HUSHPUPPI: CRIMINALS HAVE NO TRIBE. THEY SHAME ALL OF US... (166,457 views) ASUU strike: Senate intervention ends in deadlock (165,985 views) All you need to know about Peter Obi, PDP VP Candidate (136,161 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (134,624 views)

 

 

SECTIONS FAITH (156) EDITORIAL (17) NEWS (6,674) POLITICS (493) SOCIETY (129) SPORTS (51) BUSINESS (365) HEALTH (57) EDUCATION (48) ENTERTAINMENT (49) INTERNATIONAL (176) TECHNOLOGY (1) COLUMNISTS (57) LETTERS (4) OPINION (37)

 

 


There are no video entries posted yet.