NIRSAL AGSMEIS Loan Application Form Portal

Last Updated on November 25, 2020

This page provides detailed information regarding NIRSAL CBN AGSMEIS loan application form portal, how to apply for NIRSAL CBN AGSMEIS loan, NIRSAL CBN AGSMEIS loan eligibility and requirements, and all other important NIRSAL CBN AGSMEIS loan information you may need. Please, stay tuned.

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What to Know About CBN AGSMEIS Loan

The Agricultural business/Small and Medium Enterprises Investment Scheme AGSMEIS Loan was created by the Central Bank of Nigeria (CBN) and the Bankers’ Committee as an initiative to support the federal government efforts to promote agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and job creation in the country.

Interested Nigerians 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.

Eligibility and Requirements

Businesses in the following industry are eligible for the AGSMEIS Loan:

Agricultural sector.
Real sector including Manufacturing, mining, and petrochemicals.
Service sector including Information and Communication (ICT) and the Creative Industry.
Other businesses as determined by the Central Bank of Nigeria (CBN).

Below are requirements for NIRSAL CBN AGSMEIS Loan application.

Duly completed application form.
Bank Verification Number (BVN).
Certificate of Training from recognized Entrepreneurship Development Institution (EDI) or evidence of membership of organized private sector
Letter of Introduction from any of the following, Clergy, Village Head, District Head, Traditional Ruler, senior civil servant, etc. (for individuals/ micro enterprises only).
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).
Tax Identification Number (TIN) and current Tax Clearance Certificate TCC) where applicable.
To qualify to access this fund, you need to have been trained by an Enterprise Development Institute after which you will fill the form. They will submit your form to CBN.
CBN will ask banks to verify your account details and then CBN proceeds to conduct its own assessment.

How NIRSAL CBN AGSMEIS Loan Work?

Step 1: Get Trained

It is mandatory for all applicants to attend training with a CBN certified Entrepreneurship Development Institute (EDI), they have centers spread across the country.

Step 2: Apply For Loan

The Entrepreneurship Development Institute (EDI) will guides and assists you in applying for the loan by getting all necessary documents required for the processing of the loan

Step 3: Receive Funds

The Loan fund is paid into the account of beneficiaries. While unqualified candidates are given feedback.

Step 4: Get Business Support Services

The Entrepreneurship Development Institute (EDI) will assist you to implement the business plan drawn and also provide business support services commercially.

Step 5: Make Sales

You sell your products and services to pay back loans and make profit, beneficiaries are expected to run the business by keeping proper records, monitor sales, and expenses to maximize profit and pay back the loan.

Step 6: Repay Loan

Run your business, keep proper records, monitor sales and expenses to maximize profit and pay back the loan.

FAQS about NIRSAL CBN AGSMEIS Loan

What is the interest rate for this loan?

The interest rate is nine percent (9%) per annum.

Do I need collateral?

No, this loan scheme does not require a collateral.

How long will it take to receive funds?

This loan scheme is designed to be easily accessible. The entire process is automated. From application submission to disbursement takes six (6) to eight (8) weeks.

Has disbursement started?

Yes, over 25 Billion Naira have been disbursed and this is still ongoing.