The Federal Government rolled out the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) as a loan tool to drive “sustainable economic development and employment generation”.
The loan facility was launched on 9 February 2017 by the Bankers’ Committee at its 331st conference.
It is a voluntary scheme, where banks in Nigeria contribute 5 percent of their profit after tax (PAT) yearly.
Aims of AGSMEIS Loan
- To grow Nigeria’s agricultural value chain and sustainable agricultural practices;
- To boost employment in the country;
- To give support to small and medium businesses in the country.
The loan scheme takes into consideration players across the agricultural value chain; from inputs supply to production, storage, processing, logistics, and marketing.
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How to Apply for the AGSMEIS Loan
Interested applicants would need to get trained by a NIRSAL MFB certified Entrepreneurship Development Institute (EDI).
Next, you would need to visit here to apply for the loan by creating an account.
Validate your BVN and select a NIRSAL MFB certified Entrepreneurship Development Institute (EDI).
The loan would be disbursed directly into your account while those who fail to qualify for the loan would get feedback.
After receiving the loan, you would be supported by the EDI to help you implement a business plan and provide business support services commercially.
You can get as high (the maximum amount) as N10 million, with a repayment period of 7 years at a 5 percent interest rate.
Documents You Need
- BVN;
- Proof of payment of tax;
- Letter of guaranty;
- Valid ID card;
- Letter of introduction;
- Your business must be registered with the Corporate Affairs Commission (CAC);
- Passport photograph of you and your guarantor and;
- Certification by an EDI.
Your letter of introduction can be gotten from any of the following:
- Village head;
- Religious leader;
- Senior civil servant on Grade Level 14 or higher;
- A Managing Director (MD) of a top company;
- LGA chairman;
- CDA chairman.
