Access Up to 10 Million Naira Collateral-Free Loans for Your Business with CBN/NIRSAL AGSMEIS Loan Scheme by the Federal Government of Nigeria
Are you in need of funding to start or expand your business in Nigeria? The CBN/NIRSAL AGSMEIS Loan Scheme, initiated by the Federal Government of Nigeria, offers an opportunity to access up to 10 million Naira in collateral-free loans. Participants of the scheme will also receive valuable training and a certificate of participation.
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Eligibility Criteria
The AGSMEIS loan is open to various categories of individuals and businesses, including:
- Start-ups and aspiring entrepreneurs.
- Existing business owners looking to expand their operations.
- Small business managers seeking funding for their ventures.
To qualify for the loan, you must meet the following requirements:
- Nigerian Citizenship: You must be a citizen of Nigeria.
- Valid Means of Identification: You should possess a valid means of identification, such as a driver’s license, voter’s card, national ID card, or international passport.
- BVN Number: You must have a Bank Verification Number (BVN).
- Business Idea or Existing Business: You must have a viable business idea for start-ups or an existing business that requires funding for expansion or revival.
Loan Terms
The AGSMEIS loan offers favorable terms for borrowers, including:
- Loan Limit: You can access up to 10 million Naira in loans.
- Interest Rate: The loan carries an interest rate of 9% per annum.
- Tenor: The repayment period can be up to 7 years, depending on the nature/gestation period of the project.
- Moratorium: A maximum of 18 months for principal repayment and 6 months for interest repayment is allowed.
Eligible Sectors
The AGSMEIS loan scheme covers a wide range of sectors, including:
- Agriculture and Agro-Allied Processing.
- Art and Entertainment.
- Automobile Services.
- Fashion and Dressmaking.
- Catering and Event Management.
- Courier and Delivery.
- Creative Industry.
How to Apply for the AGSMEIS Loan
The application process involves the following steps:
Step 1: Compulsory Training – Interested applicants must undergo a mandatory training program offered by an Entrepreneurship Development Institute (EDI). As a reputable EDI, REAP AFRICA INITIATIVE provides a comprehensive 5-day intensive training on entrepreneurship development. Our carefully selected facilitators, who are accomplished professionals in their respective fields, deliver excellence in training.
Step 2: Loan Application and Business Plan Upload – After completing the training, applicants can proceed to apply for the loan through the EDI by filling out the loan application form and creating a profile on the NIRSAL AGSMEIS Portal. REAP AFRICA INITIATIVE will then forward all applications to NIRSAL Microfinance Bank. Applicants are required to prepare and submit a detailed online business plan that demonstrates the feasibility of their business and their ability to repay the loan.
Step 3: Fund Disbursement – Upon submission of the business plan, applicants’ documents will undergo an online assessment by the bank. Once the documentation process is completed, successful applicants will receive the loan funds.
Step 4: Business Support Services – The Entrepreneurship Development Institute (EDI) will provide assistance in implementing the business plan and offer commercial business support services.
Step 5: Revenue Generation – Beneficiaries are expected to generate revenue from their products or services to repay the loan and make a profit. It is important to keep proper records, monitor sales and expenses, and maximize profits to ensure a timely repayment.
Loan Repayment
As the business grows, borrowers should pay back according to the payment plan