CBN Loan Application Form 2022 – A 5% Interest Rate Yearly Without Collateral

With the CBN Loan Application Form 2022, do you know that you can apply for the N10 million CBN AGSMEIS 5% Loan Today? So, consider this article, and find out how you can apply for this loan from CBN officially.

The Agric Small and Medium Enterprise Scheme (AGSMEIS) is an initiative of the Central Bank of Nigeria. CBN AGSMEIS Loan 2022 application is currently ongoing –Click Here & Apply!

With the CBN AGSMEIS Loan, you can access up to N10M at 5% yearly from the Agric, Small and medium enterprise scheme (AGSMEIS), an initiative from the Central Bank of Nigeria (CBN), which is without collateral.

Details About the Agric Small and Medium Enterprise Scheme (AGSMEIS)

AGSMEIS is an initiative of the Bankers’ Committee in a bid to support and complement the Federal Government’s efforts at promoting Agri-businesses/Small and Medium Enterprises as a vehicle for sustainable economic development and employment generation.

AGSMEIS is a voluntary initiative of the Bankers’ Committee approved at its 331st meeting held on 9th February 2017. The Scheme requires all banks in Nigeria to set aside 5% of their profit after tax (PAT) annually.

The initiative is to support the Federal Government’s efforts and policy measures for the promotion of Agricultural Businesses, Small and Medium Enterprises (SMEs) as vehicles for sustainable economic development and employment generation.

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CBN AGSMEIS Loan Eligibility Criteria

  1. Interested applicants must have been trained by an Entrepreneur Development Institute (EDI)
  2. Applicants should apply for loans via an EDI
  3. The applications will then be sent to CBN for processing
  4. Applicants will be called for an interview regarding his/her business.
  5. Those qualified will be contacted and given the loan.
  6. Fill out the new form with all the details required, sign and get them authenticated by EDC – https://www.edcsouthwest.org/

Note: Maximum loan disbursement is N10 million with an Interest rate of 5% per annum, Tenor is 7 yrs and Moratorium is 18 months.

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Objectives of the AGSMEIS

The CBN AGSMEIS Scheme objectives include:

  • To develop an agricultural value chain and ensure sustainable agricultural practices.
  • To boost the managerial capacity of Agribusiness/SMEs as pipelines of growing enterprises that can become huge corporate organizations.
  • To ensure Small and Medium Enterprises (SMEs) have access to finance;
  • To generate much-needed employment opportunities in Nigeria.
CBN AGSMEIS Loan Form 2022 Objectives
  • Agricultural businesses
  • Education
  • Health
  • Services (Hospitality, Restaurants, Catering, Services, etc.)
  • IT
  • Manufacturing/Production
  • Mining
  • Creative Industry (Fashion, Design Crafts, Entertainment, etc.)

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CBN AGSMEIS Loan Activities

The activities covered by the Central Bank of Nigeria AGSMEIS Loan include:

  • Businesses across the agricultural value chain cover 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
Who Writes the Letter of Introduction for CBN AGSMEIS Loan

Not all individuals are expected to write the letter of introduction for the CBN AGSMEIS Loan, which is why below are the list of people that are suitable & eligible to write the letter:

  • Your Pastor or Chief Imam
  • LGA Chairman
  • CDA Chairman
  • Village Head
  • Senior Civil Servants Level 14 and above
  • MD of Blue Chip Companies
  • Your friend or spouse can write the guaranty letter.

Note: All applicants who submitted last year, and were sent a link to provide further details before the last requirements came out don’t need to re-submit again.

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Requirements for CBN Loan Approval of Application and Disbursement of Funds

The following are the Requirements necessary either during the application or before the final approval of the CBN Loan Application Form 2022 and the 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 the guarantor
  • Valid ID card

How To Apply for CBN Loan Application Form 2022 without Collateral

Consider the steps below and apply for the CBN Loan Application Form 2022:

Get Trained

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

Apply For a Loan

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

Receive Funds

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

Get Business Support Services

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

Make Sales

Sell products and services to pay back loans and make a profit.

Repay Loan

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

CLICK HERE TO APPLY FOR A LOAN

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