N1billion CBN Loan Without Collateral 2020: See Where To Pick Forms Across Nigeria

To ensure Small and Medium Enterprises (SMEs)have access to finance

To generate much-needed employment opportunities in Nigeria

To develop agricultural value chain and ensure sustainable agricultural practices.

To boost the managerial capacity of Agri-Business/SMEs as pipelines of growing enterprises that can become huge corporate organizations.

Don’t miss: BAFI Awards: FirstBank COVID-19 Response Sets Pace in CSR for Other Financial Institutions

Objectives of AGSMEIS CBN Loan Form 2020/2021

MSMEs in the following sectors are eligible:

Agricultural businesses,

Education,

Health,

Services (Hospitality, Restaurants, Catering, Services, etc),

ICT,

Manufacturing/Production,

Mining,

Creative Industry (Fashion, Design, Crafts, Entertainment, etc),

etc

Don’t miss: Post Covid-19: World Bank Approves $1.5bn Loan for Nigeria

AGSMEIS CBN Loan Activities

The activities covered by the Central Bank of Nigeria Agric, Small and Medium Enterprise Scheme, AGSMEIS Loan includes;

Businesses across the agricultural value chain covering inputs supply, production, storage, processing, logistics and marketing. MSMEs in the real sector including manufacturing, mining and petrochemicals.

MSMEs in the service sector including information and communication technology (ICT) and the creative industry. Other activities as may be determined by the Bankers’ Committee from time to time.

AGSMEIS CBN Loan Eligibility

Now to access AGSMEIS loan, there are some conditions that must be met.

Interested applicant must have been trained by an Entrepreneur Development Institute (EDI)

Interested applicant will apply for loan via an EDI

The applications will then be sent to CBN for processing

Applicants will be called for an interview regarding his/her business.

Those qualified will be contacted and given the loan.

Fill clearly the new form with all the details required , sign and get them authenticated by EDC – http://www.edcsouthwest.org/ 

Note: Maximum loan is 10million; Interest rate is 5% per annum; Tenor is 7 yrs and Moratorium is 18 months.

Requirements for CBN Loan Approval of Application and Disbursement of Funds.

The following are the Requirements necessary either during application or before final approval of the CBN loan application and final disbursement of funds to an applicant.

Registered business with CAC

Evidence of tax payments

BVN

Letter of Introduction

Letter of Guaranty

Certification by an EDI

Passport photo of you and guarantor

Valid ID card

CBN commits N200bn on 300,000 social housing scheme 3 days ago

Who Can Write Letter of Introduction for AGSMEIS CBN Loan?

Your Pastor

Chief Imam

LGA Chairman

CDA Chairman

Village Head

Senior Civil Servants Level 14 above

MD of Blue Chip Companies

Your friend or spouse can write the guaranty letter.

Important Notice: Please note that applicants who submitted last year and was sent a link to provide further details before the last requirements came out do not need to re-submit again.

AGSMEIS CBN Loan Interest Rate

Five percent(5%) for the first five(5) years. If you obtain One Million Naira(N1,000,000), you will pay back One Million Fifty Thousand Naira(N1,050,000) throughout the duration of the loan.

How To Apply For CBN Loan AGSMEIS Form 2020 Without Collateral.

Step 1 : Get Trained

Attend a one week compulsory training at a CBN certified Entrepreneurship Development Institute (EDI). You can check the list of CBN EDC Centres in Nigeria.

Step 2 : Apply For Loan

The Entrepreneurship Development Institute (EDI) guides and assists you in getting all necessary documents required to secure the loan. Download the agsmeis loan application form pdf. Note that, you can get the current application form from the CBN EDC that trained you.

Step 3 : Receive Funds

Loans are paid into the account of beneficiaries. Unqualified candidates are given feedback.

Step 4 : Get Business Support Services

The Entrepreneurship Development Institute assists you to implement business plan and provide business support services commercially.

Step 5 : Make Sales

Sell products and services to pay back loan and make profit.

Step 6 : Repay Loan

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

About National Microfinance Bank (NMFB).

The National Microfinance Bank is a leading Nigerian financial institution licensed by the Central Bank of Nigeria (CBN) in Nigeria. The Company was incorporated as a Private Limited Company in 2019 and commenced operations following the grant of a licence by the Central Bank of Nigeria to operate as a National Microfinance Bank in the same year. It is Owned 50% by the Bankers Committee, 40% by NIRSAL and 10% NIPOST. So far the bank has disbursed approximately 776 million in loans to eligible SMEs under the AGSMEIS.

List of CBN Approved Entrepreneurial Development Centers (EDC) in Nigeria.

The CBN EDC Centres in Nigeria provide physical structures, training materials, equipments, human resources and other facilities that would assure internationally competitive, effective and sustainable services capable of meeting the needs of MSMEs in the country. This is to encourage private entrepreneurship, self employment, job creations, income growth, poverty eradication and economic development.

The CBN Entrepreneurship Development Centres (CBN EDCs) which target those with at least secondary education has the following specific objectives:

To develop entrepreneurship spirit amongst Nigerians and provide insight into the tools,
techniques and framework for managing all functional areas of business enterprise, including
production, marketing, personnel and finance.

To develop skills of would-be-entrepreneurs to successfully start, expand, diversify and
manage business enterprises as well as link them with financial institutions for start up capital,
especially the microfinance banks.

To generate employment opportunities for Nigerians in pursuance of the provisions of the
National Economic Empowerment and Development Strategy [NEEDS] and recently vision
2020.

To raise a new class of entrepreneurs/owners, who can compete globally and succeed in
managing MSMEs and provide the bridge for future industrialization of the country.