Complete List of CBN Loans without Collateral: Eligible Requirements and Application Process

Last Updated on November 12, 2020

The Central Bank of Nigeria (CBN) is the Central bank and apex monetary authority of Nigeria. The major regulatory objectives of the bank as stated in the CBN Act are to: maintain the external reserves of the country, promote monetary stability and a sound financial environment, and to act as a banker of last resort and financial adviser to the federal government.

The Central Bank of Nigeria (CBN) in furtherance of its developmental role to ensure that businesses across all sectors of the country economy sustain their operations aftermath the COVID-19 pandemic, introduced several loan opportunities and fund interventions. Below are complete lists of CBN loans without collateral and how to access them;

CBN Loans without Collateral

1. CBN AGSMEIS Loan for SMEs and Agricultural Businesses

The Central Bank of Nigeria (CBN) and the Bankers’ Committee, created the Agri-Business/Small and Medium Enterprise Investment Scheme AGSMEIS Loan, as an initiative to support the Federal Government’s efforts in the promotion of agricultural businesses and small/medium enterprises (SMEs) in the country, you can apply for the Loan with collateral for the AGSMEIS loan is been disbursed by NIRSAL Microfinance Bank and other Banks. Interested Nigerian engaged in Agriculture or other SME businesses can access up to N10 Million from the AGSMEIS Loan, at a single-digit interest rate of 9% per annum.

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2. CBN Anchor Borrowers Programme (ABP) Intervention for Agriculture

The Anchor Borrowers Programme (ABP), is an initiative of the Central Bank of Nigeria (CBN) for the agricultural sector, it is in line with its developmental function of the apex bank. The loan shall be targeted at smallholder farmers engaged in the production of identified commodities across the country. The Farmers should be in groups/cooperative(s) of between 5 and 20 for ease of administration. The ABP is not solely for farmers, businesses can also apply to become the Anchor (private large-scale integrated processors) and Inputs Suppliers.

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3. CBN Non-Interest Accelerated Agricultural Development Scheme (AADS Loan)

The objective of the Accelerated Agricultural Development Scheme (AADS) scheme according to CBN, is to engage a minimum of 370,000 youths in agricultural production across the country over the next three years in order to reduce unemployment among the youths in the country and increase agricultural production towards food security, job creation, and economic diversification. The beneficiary must be a Nigerian youth with the ages of 18 to 35 years and must sign an undertaking to abide by the terms of agreement of the Scheme

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4. CBN Micro, Small and Medium Enterprises Development Fund (MSMEDF)

The Central Bank of Nigeria (CBN), after identifying the huge financing gap which hinders the development of MSMEs, as part of its developmental role and mandate of promoting a sound financial system launched the Micro, Small and Medium Enterprises Development Fund – CBN MSMEDF Loan.

The objective of the Fund according to CBN is to channel low return funds to the MSME sub-sector of the Nigerian economy through Participating Financial Institutions (PFIs) to;

  • Enhance access by MSMEs to financial services;
  • Increase productivity and output of microenterprises;
  • Create jobs; and
  • Engender inclusive growth.

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5. CBN Creative Industry Financing Initiative (Creative Industry Loan)

The Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee developed a Creative Industry Financing Initiative (CIFI), also known as Creative Industry loan to boost job creation in Nigeria, especially among young people, who are the most active in the creative industry. The aim according to CBN, is to improve access to long-term low-cost financing for entrepreneurs and investors in the Nigerian creative and information technology (IT) sub-sectors.

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6. CBN Healthcare Research and Development Grants (HSRDIS)

The Healthcare Research And Development Grant, according to the Central Bank of Nigeria (CBN), aims to strengthen the public healthcare system with innovative financing of research and development (R&D) in new and improved drugs, vaccines and diagnostics of infectious diseases in Nigeria and is accessible to biotechnological and pharmaceutical companies, institutions, researchers, and research institutes for the research and development of drugs, herbal medicines, and vaccines for the control, prevention, and treatment of infectious diseases.

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We hope you will find this information useful. Do you have any queries on CBN Loans without Collateral? Please feel free to let us know so we can assist you with any information you will need.

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