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WHAT IS AGSMEIS
AGRIBUSINESS, SMALL & MEDIUM ENTERPRISE INVESTMENT SCHEME
WHAT IS THE INTEREST RATE
THE INTEREST RATE IS JUST 5% to 9% WITH NO OTHER HIDDEN CHARGE
WHAT IS IT FOR
  • IT IS A FEDERAL GOVERNMENT INTERVENTION FUND
  • IT IS MORE OF AN INVESTMENT SCHEME FOR SMEs
  • IT IS FOR BUILDING SMEs
  • IT IS TO BRING DOWN THE COST OF DOING BUSINESS FOR SMEs
  • IT IS TO HELP SMEs COMPETE FAVOURABLE IN THE MARKET
  • IT IS TO HELP CREATE MORE JOBS
  • IT IS TO ELIMINATE THE PROBLEM OF COLLATERARISED FUNDS
  • IT IS TO MAKE FUNDS EASILY AVAILABLE FOR SMEs
HOW DO I QUALIFY?
  • YOU MUST HAVE A REGISTERED BUSINESS NAME WITH CAC
  • YOU MUST HAVE EVIDENCE OF PAYING PERSONAL INCOME TAX
  • YOU MUST HAVE A BVN AND A PERSONAL CURRENT ACCOUNT
  • YOU MUST GET A LETTER OF INTRODUCTION FROM ANY OF THE FOLLOWING – PASTOR, IMMAM, VILLAGE HEAD OR SENIOR CIVIL SERVANT OF NOT LESS THAN LEVEL 14
  • YOU MUST BE CERTIFIED BY AN EDI(ENTREPRENEUR DEVELOPMENT INTITUTION).
  • YOU MUST HAVE A VALID MEANS OF IDENTIFICATION
  • YOU MUST FILL THE CBN AGSMEIS LOAN FORM
HOW DO I PREPARE FOR THE INTERVIEW TO PASS?
IT IS THE RESPONSIBILITY OF THE EDIs TO TAKE YOU THROUGH A CERTIFICATION PROCESS TO PREPARE YOU .
IT IS ALSO THE DUTY OF THE EDIs TO PREPARE YOU FOR THE EFFECTIVE USE OF THE FUND FOR MAXIMUM UTILISATION AND PROFITABILITY
IS THERE ANY MORATORIUM PERIOD?
  • YES THERE IS A MORATOIUM OF 6 MONTHS FOR INTEREST
  • THERE IS ALSO 18 MONTHS FOR THE PRINCIPAL
  • THIS MEANS THAT FOR THE FIRST 6 MONTHS OF TAKING THE LOAN YOU WILL ENJOY THE LOAN WITHOUT PAYING ANYTHING.
  • AFTER 6 MONTHS YOU BEGING THE PAYMENT OF THE INTEREST ONLY TILL 18 MONTHS
  • AFTER 18 MONTHS YOU WILL NOW BE PAYING BOTH PRINCIPAL AND INTEREST
HOW WILL I KNOW IF AM QUALIFIED FOR THE LOAN?
  • WHEN ALL YOUR DOCUMENTATIONS ARE COMPLETE THE EDI WILL FORWARD YOUR PROPOSAL/FORM TO THE CBN
  • THE CBN AFTER SCRUTINISING YOUR DOCUMENTS WILL CALL YOU FOR AN INTERVIEW TO DEFEND YOUR PROPOSAL
  • WHEN YOU PASS THE CBN YOU WILL BE INFORMED VIA A CREDIT ALERT IN YOUR PERSONAL BANK ACCOUNT
WHO CAN BENEFIT?
  • SMALL SCALE MANUFACTURERS
  • SCHOOL OWNERS
  • FARMERS
  • SERVICE PROVIDERS
  • ENTERTAINERS
  • FASHION DESIGNERS
  • CONFECTIONARY/BAKERS
  • CATERERS
  • AGRO PROCESSORS
  • MARKETERS
FOR HOW LONG CAN I USE THE MONEY
THE MAXIMUM TENOR OF THE LOAN IS 7 YEARS DEPENDING ON YOUR LINE OF BUSINESS

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