How To Apply For CBN’s Collateral-Free Loan 2021 For SMEs

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For small businesses in the agricultural sector, funding can be a major issue, as is with many other businesses, but the Central Bank of Nigeria (CBN) has rolled out the Agric Small and Medium Enterprise Scheme (AGSMEIS) that gives agric businesses access to N10 million loans.

The scheme enables small businesses to access N10 million with an annualized interest of 5 percent without any collateral.

What is AGSMEIS?

The Agric Small and Medium Enterprise Scheme (AGSMEIS) is a programme by the Bankers’ Committee to give support to the effort of the federal government in the promotion of small and medium-sized businesses in the agricultural sector.

The Nigerian government has reiterated the importance of the agricultural sector in boosting the country’s wealth and sustainability.

At the 331st meeting of the Bankers’ Committee held on February 9, 2017, the scheme was launched. It also demands that all banks in the country contribute 5 percent of the profit after tax (PAT) yearly in support of the programme.

Goals of the programme

The goals of the AGSMEIS are to ensure that there are robust employment opportunities in the country. It was also created to ensure that Small and Medium Enterprises (SMEs) in the country are adequately funded.

Businesses Eligible for the Loan

Businesses in the following sectors are eligible to apply for the AGSMEIS loan: ICT, health, agric, education, manufacturing and production, creative businesses (craft, fashion, entertainment, etc), mining, services (catering, hospitality, etc), among others.

Accessing the 2021 loan

You must have been trained by an Entrepreneur Development Institute to apply for the loan.

Through the EDI is where you get to apply for a loan.

Your loan application will be directed to the Central Bank of Nigeria (CBN) for further processing.

Following the review of your application, you will be called in for an in-person interview regarding your business.

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If you qualify, you will be contacted and you will get the loan.

To fill the form for the 2021 loan, visit Sign the form and authenticate it at an EDC.

Documents needed for the loan application


Tax payments evidence.

A registered business. Must be registered with the Corporate Affairs Commission (CAC).

Letter of introduction (can be written by a religious leader, LGA chairman, village head, Grade Level 14 senior servant, friend, spouse).

Letter of guarantee.

Certfication from an EDI.

Passport photos of you and a guarantor.

A valid ID (voters card, NIN, driver’s licence, internation passport).

If you applied the previous year and a link was sent to you for more details before the new requirements were listed, you are not required to submit again.

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How to apply for the CBN AGSMEIS 2021 loan without collateral

You must be certified by a certified Entrepreneurship Development Institute (EDI) after attending a mandatory one-week training at any CBN-approved EDC centres.

At the EDI training, you will be guided on what to do to get access to the loan. You can either get a form for the current application at your EDC centre or download it here.

Loans will be accessed by the beneficiaries after they have proven to be qualified.

Once you have successfully gotten the loan, you can work with the EDI to execute your business plan, supplying you with business support.

Once your business begins to make profit, you start to pay back the loan.

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For the first 5 years of receiving the loan, you will be charged a five percent interest on the loan. What this means is that if you get 5 million naira, you will be expected to pay back five million two hundred and fifty thousand naira (5,250,000).

List of CBN-Approved Entrepreneurial Development Centers (EDC)

Oyo State

CBN-EDC, Ibadan (South-West)
Address: Old SDSTC (Oyo Oodua Skill Acquisition Centre Premises),
Samonda, along Sango-UI Road,
Ibadan, Oyo State, Nigeria.

Rivers State

CBN-EDC, PortHarcourt (South-South)
30 Trans-Woji road, Grace plaza, by Slaughter Bridge Woji Town,
Port Harcourt, Rivers State.

Borno State

CBN-EDC, Maiduguri (North-East)
Address: Old Informatics Institute, Njimtillo, Kano Road,
Maiduguri, Borno State.

Kano State

CBN-EDC, Kano (North-West)
Address: Murtala Muhammed Library Complex,
Kano, Kano State.

Benue State

CBN-EDC, Makurdi (North-Central)
Off Jonah Jang Crescent,
Near Federal Secretariat,
Makurdi, Benue State.

Niger State

CBN-EDC, Minna (North-Central)
Address: Minna Innovation Institute,
Behind Niger State Sharia Commission,
Justice Ndajiwo Drive,
Minna, Niger State.

Enugu State

CBN-EDC, Enugu (South-East)
Address: Ebenezer Villa Suite
8, Ogenyi Close, Off Cornerstone Avenue
Off Nike Lake Resort Road,
Enugu, Enugu State.

Lagos State

Centre for Entrepreneurial Development
36, Murtala Mohammed International
Airport Road, Lagos.

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