AGSMEIS CBN Loan Application 2021- Apply Registration

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AGSMEIS CBN Loan Application 2021- Apply Registration

Will you like to get a loan that comes with just a 9% interest rate annually? A loan that offers you up to 10 Million Naira. This loan also does not need collateral. I bet it looks juicy.

Reading this article through will reveal to you if you are eligible or not. You will also get to know how to access this loan.

With these in mind, let’s get started

What is AGSMEIS?

AGSMEIS means Agri-Business/Small and Medium Enterprise Investment Scheme. This whole scheme is an idea by the Central Bank of Nigeria.

The banker’s committee’s purpose for pushing the project to the light of the day is to assist the Federal government.AGSMEIS CBN Loan Application 2021- Apply Registration

They want to help the Federal Government labors towards creating a sustainable economy.

How They Generate The Funds For The Scheme?

Funding for this scheme is by the contribution from banks in Nigeria. They expect all banks to contribute 5% of the profit they make after-tax annually.

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Who is eligible for application?

Just as the name implies, it is a scheme for Agri-business/Small and Medium enterprises. To be more specific, small and medium enterprise in the following sectors can apply:

  • Health
  • Services
  • Education
  • Agricultural Businesses
  • Manufacturing/Production
  • Creative Industry
  • Mining
  • Health

The list goes on and on

How does the scheme work?

There is a systematic approach to the working of this scheme which this article will provide in detail.

  • A training stage

Starting, you will be required to attend a training which is of utmost priority. The training will be with CBN Certified Entrepreneurship Development Centre (EDC)

  • Loan application

The next stage is your application for the loan. The Development Centre makes sure that you get all the documents you need for this loan application. We can refer to the Entrepreneurship Development center as a supervision center in this stage.

  • You get the funds

Moving to the next level is where the recipients get to receive the loan funds in their account. At this stage, every applicant who isn’t chosen will get proper feedback.

  • Support Services for your Business

When you get the funds, the next thing you will want to do is implement the reason you got the loan. The Entrepreneurship Development Centre also helps out in this stage as they help you implement your strategies. You can always lean on the Centre at this stage,

  • You make Profit
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After you have set up all the required business structures, the next thing is for you to profit from the sales of your goods or services.

  • You repay the loan

Repaying your loan is the last stage. It would help if you had made some profits at this stage and can now repay the loan with interest.

When exactly will I receive the funding?

The scheme is a programmed one. Typically, you will get to receive the funds starting from the sixth to eight weeks after you might have applied.

Prerequisites you must meet up to before getting access to the AGSMEIS loan.

After you must have acquired training and loan application guidance from the Entrepreneur Development Centre (EDC), you will also need to:

  • Attend the interview where you will receive questions regarding your business
  • Fill a form in details which the same Entrepreneur development center will validate.

Requirements you must meet up to before you get payment of the funds

There are certain things that they will ask from you before you can get these funds. They are:

  • You must have registered your business with CAC
  • Evidence of your tax payment
  • A valid Letter of Introduction
  • Your BVN
  • A letter of guaranty
  • Certification from the Entrepreneur Development Centre (EDC)
  • An ID card
  • Your guarantor and your passport photographs.
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Since you will need someone to write the letter of introduction for you, you can give it to:

  • Clergy leader
  • Local government or community chairman
  • Heads of communities
  • Managing directors of blue-chip companies and senior civil servants that have gotten to level 14 and above.

However, for your letter of guaranty, you can give it to someone close to you.

How to Apply

The application link is here

Conclusion: AGSMEIS loan

You now have the necessary details to apply for this loan. Why not give it a try and improve your business capacity.

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