AGSMEIS Loan Registration 2021 – The Agri-Business Small and Medium Enterprises Investment Scheme is engineered by the Central Bank of Nigeria and it was created to help alleviate the impact of the pandemic on small business in Nigeria.
The AGSMEIS is an intervention loan that is interest free and is mostly tailored to small businesses that were affected by the pandemic that hit the world in 2020.
In this article, we are going to show you how you can actually apply for the loan and get it successfully.
Before we proceed, let’s take a look at the list of what we have for you.
Table of content
- What is AGSMEIS
- Eligibility criteria for the AGSMEIS Loan
- How the AGSMEIS Loan Application works
- How to access the AGSMEIS Loan
- Some frequently asked questions on the AGSMEIS Loan
What is AGSMEIS?
Like we have mentioned earlier that the AGSMEIS stands for Agri-Business Small and Medium Enterprise Investment Scheme and it is a way for the Federal Government to promote agricultural businesses and small/medium scale enterprises (SMEs) in the country.
Enterprises that were greatly affected by the pandemic are one of the main beneficiaries of the loan especially if it is an agricultural business.
Eligibility Criteria For The AGSMEIS Loan Application
You will have to qualify for the AGSMEIS loan for you to be able to access the loan and we are going to show you the eligibility requirements. They are:
- You must be a Nigerian
- You must own a SME business before applying for the loan
- Your business should fall under the agricultural sector, Information and Communication (ICT) or the manufacturing sector
- You must have completed the Entrepreneurship Development Institution (EDI) training and you must prove that you are a member
- You must have a BVN for easy verification by CBN
- Your business should be registered with the Corporate Affairs Commission or have a certificate of incorporation
How the AGSMEIS Loan Application Works
Since you have known the eligibility criteria for you to access the loan, let’s show you how you can apply for the AGSMEIS loan.
- Get trained
You will have to register and attend a compulsory training at a certified Entrepreneurship Development Institute as this will help you gain more insight on how to run a business successfully.
- Apply for loan
In addition to the training you get from the Entrepreneurship Development Institute, they will also give you are full training on how you can easily assess the loan.
- Receive funds
If you meet the requirements for the loan, you will receive the loan which will be paid into your bank account directly.
- Get business support services
The EDI also assist you with other services like teaching you the steps to implementing your business plan and giving you other business support services.
- Make sales
You will have to identify your target market and sell your products to raise money and repay the loan.
- Repay loan
Ensure you keep proper records, monitor your sales and expenses in order to maximize profit and pay back the loan.
How To Access The AGSMEIS Loan
As an interested applicant, you will have to visit https://agsmeisapp.nmfb.com.ng/onboarding and create an account which will enable you start the application process or visit any of the NMFB certified EDIs to get guide.
Some Frequently Asked Questions
Do I need collateral?
You don’t need collateral to get this loan as the scheme doesn’t require it.
What is the interest rate for this loan?
It has a low interest rate of about five (5%) per annum
Has disbursement started?
Yes over N95bn has been disbursed and it is not stopping there.
How long does take to process AGSMEIS loan?
Processing and receiving of the loan should take about six to eight weeks that is application, submission and disbursement.
Upon approval of my loan can the funds be released to me as I deem fit?
Well the answer is no and your approved loan amount will be disbursed to your NMFB account. For the purchase of any equipment or machineries, it will be handled by one of the NMFB’s certified vendors while the working capital will be accessible through your account for withdrawal after meeting the terms and conditions.
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From all we have said so far, you must have seen that you can actually grow your business whether it is micro or small scaled and the AGSMEIS loan will go a long way in helping to expend your business.
You can start your application now as the scheme is still ongoing so that you can be among the successful candidates to benefits from this free-collateral loan the CBN is giving out.