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The Central Bank of Nigeria is giving non-interest which is also collateral-free. Individuals can get up to N3,000,000 to small business owners in a scheme under AGSMEIS which is known as Agric-Business/Small and Medium Enterprises Investment Scheme.
Also read: How to get Grants And Loans in Nigeria in 2022
What Businesses/Sectors Are Eligible For the NMFB Loan
- I.C.T
- Telecommunications
- Media
- Creative Industry
- Agriculture & Agro-allied Processing
- Art & Entertainment
- Automobile Services
- Fashion and Dressmaking
- Catering & Event Management
- Courier & Delivery Services
- Apparels and Textiles
- Cottage Industry
- Publishing
- Hospitality
- Health Services
- Kerbs and Electric Pole making
- Welding and fabrication
- Animal Husbandry
- Cosmetics, Beauty, and Makeup Artistry
- POP and Tiling
- Carpentry
- Masonry
- Electrical and Electronics
Also read: Top Business Auto Loans in 2022
NMFB Loan Modalities – loan in Nigeria
The scheme Financing would be for start-ups, business expansion, or revival of weak companies. The terms of the NMFB loans are stated below;
- Loan amount: Up to N3,000,000
- Interest: 5% per annum for regular and 0% for non-interest AGSMEIS
- Moratorium: Maximum of 18 months for principal and 6 months on interest.
- Tenor: Up to 7 years (depending on nature/gestation period of the project)
To get the AGMEIS loan, the below conditions must be met:
- Interested Applicants will apply for the loan through the CBN-accredited EDI,
- Interested Applicants must undergo training by a CBN-certified Entrepreneurship Development Institution (EDI),
- Fill the form with all the details required, sign, and get them authenticated by the EDI,
- Your application will then be sent to CBN through NIRSAL MFB by the EDI, for processing.
- Those who qualified will be contacted and given the loan.
Also read: List of All Nigeria Banks Transfer Codes in 2022
Requirements For NMFB/AGSMEIS Loan Application
- BVN
- A Business Plan provided by the EDI
- Details of two (2) Guarantors
- Valid ID card
- Certificate issued by a CBN-certified EDI
How to Apply For AGMEIS Loan
Follow the steps below to begin your application;
- Open the AGSMEIS loan application website Click here to Apply
- Choose if you are a new or returning applicant then click next
- Enter your BVN and click validate BVN
- Once validated, check if your details are correct, click next,
- Then, fill out the form after and click submit,
- You should receive an activation email or SMS once your application has been successfully submitted.
- Follow the link in the e-mail or SMS sent to you to finalize your application,
Also read: MTN Digital Bank – How to Open a MoMo PSB Account
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