what is AGSMEIS LOAN?
The Agri-Business/Small and Medium Enterprise Investment Scheme is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.
As a matter of fact, the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) is CBN/Banker’s Committee initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses, small and medium enterprises (SMEs). In fact, these are seen as vehicles for sustainable economic development and employment generation.
AGSMES 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.
The objectives of the Scheme includes:
To ensure access to finance for Small and Medium Enterprises (SMEs), as these are the engine of growth of the Nigerian economy.
To generate much-needed employment opportunities in Nigeria.
To develop agricultural value chain and ensure sustainable agricultural practices.
Boost the managerial capacity of Agri-Business/SMEs as pipelines of growing enterprises that can become huge coporate organizations.
Now to access AGSMEIS loan, there are some conditions that must be met.
1) interested applicant must have been trained by an Entrepreneur Development Institute (EDI)
2) interested applicant will apply for loan via an EDI
3) the applications will then be sent to CBN for processing
Again, are you one of the small and medium scale enterprises (SMEs) in Nigeria? Then, you must belong to any of the following industry sector to be eligible.
- Agri-businesses – Any types
- Education
- Health Care,
- Services – in Hospitality, Restaurants, Catering, Services, etc.
- ICT,
- Production/manufacturing Industry,
- Mining,
- Creative Industry such as Fashion Design, Crafts, Entertainment, etc.
- And more.
guidlines for agsmeis loan
Step 1 Get Trained
Attend a compulsory training with HOMELAND CONSULT & TRAINING INSTITUTE LTD a CBN certified Entrepreneurship Development Center (EDC)
Step 2 Apply For Loan
The Entrepreneurship Development Institute (EDI) guides and assists you in getting all necessary documents required to secure the loan
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.
How do I access the Loan?
Get trained by first selecting a CBN-Certified Entrepreneurship Development Institute (EDI) to guide you through the loan application process and ensure that all your documents are complete.
What is the interest rate for this loan?
The interest rate is nine percent (9%) per annum.
Do I need collateral?
No, this loan scheme does not require a collateral.
How long will it take to receive funds?
This loan scheme is designed to be easily accessible. The entire process is automatted. From application submittion to disbursement takes six(6) to eight(8) weeks.
Has disbursement started?
Yes, over N25B has been disbursed and this is still ongoing.