How to Track Your NIRSAL AGSMEIS Loan Application Status

Last Updated on October 6, 2021

Having received numerous comments from our visitors asking us how to track their NIRSAL AGSMEIS loan application, we listened to you all and thought what could be done to help the situation.

Are you among those asking this same question? Don’t worry. Here, we cover all the important information on how to access NIRSAL AGSMEIS loan, eligibility criteria, requirements, application process, and how to track your NIRSAL AGSMEIS loan application status online. Read details below;

How to Track Your NIRSAL AGSMEIS Loan Application Status

Table of Contents

What to Know About AGSMEIS Loan

The Agricultural business/Small and Medium Enterprises Investment Scheme (AGSMEIS) Loan was established 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.

Those 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 Criteria

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).

Requirements

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.

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How NIRSAL 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.