AGSMEIS Loan Program 2023
Are you seeking for where to get a loan to boost your business fortune this year? Look no further than the AGSMEIS loan program .
This federal government’s initiative has helped many Nigerians get out of poverty, and you might be the next person to benefit from it.
You don’t need to worry too much about how to access the loan or how to participate in it because we shall be unveiling every detail you should know about the AGSMEIS loan in this write-up.
What is AGSMEIS?
AGSMEIS is an abbreviated version of Agri-Business/Small and Medium Enterprise Investment Scheme.
It is a program initiated by the federal republic of Nigeria under the president Muhammad Burahi’s leadership as part of his desire to have a poverty-free country.
It is equally established to promote agro-based businesses and the fame of small and medium enterprises (SMEs) in Nigeria.
It is also created to ensure that financial funds are available to Nigerians who are willing and ready to engage in small-scale businesses.
With this initiative, successful applicants have the chance to borrow N10M without any collateral. You can learn more about program by clicking here.
AGSMEIS Loan Application Requirements
To benefit from the CBN AGSMEIS Loan, the following criteria and conditions must be met.
- You must an entrepreneur, a trader, a farmer, etc who needs more capital.
- Your business must be registered with the Corporate Affairs Commission (CAC)
- You must possess a BVN
- You must be certified by the Entrepreneur Development Institute (EDI)
- You and your guarantor’s passport must be readily available
- You must possess a letter of guaranty written by An Imam, a pastor, or your local government chairman.
- Having a valid ID card is non-negotiable.
CBN AGSMEIS Loan Portal
To Apply for the federal government loan program, you are advised to click on this address:
How To Apply for The AGSMEIS Loan
After ensuring that you have all the aforementioned criteria, you can now apply for the loan by following the steps outlined below:
- You must first undergo a training program organized by the Entrepreneur Development Center (EDC)
- Apply for the loan through the portal above
- All applications will be forwarded to the CBN for rectification. The financial institution will select applicants whose qualifications merit a place in the next phase.
- Successful applicants will be called upon for an interview in which you are expected to speak more of your business.
- Should you pass the interview, you will be told to fill another form that will be signed and rectified by the EDC
- Once the form is approved, you will be granted the amount you requested.
AGSMEIS Loan Interest Rate
we can authoritatively confirm that 9% interest is all you need to per every 12 months.
Do You Need a Collateral For AGSMEIS Loan?
Just as stated earlier, the CBN AGSMEIS loan doesn’t require any collateral. You only need to keep to the terms and conditions to avoid facing legal charges.
Tips On How The AGSMEIS Loan Function
You should obey the following tips if you must repay the CBN AGSMEIS loan within the stipulated period.
- Get Trained Before Applying For The Loan: Apart from being a compulsory criterion, this training will help you develop the skills you will need to pay the debt as soon as possible.
- Apply for the loan
- You enter amount you need if your request is granted
- Invest the money on a profitable business and make sure you gain lots of customer base for your goods and services. Contact the Entrepreneurship Development Institute for support.
- Repay your loan as at when due.