This post is meant to inform the general public on how to submit application for the AGSMEIS loan through the Federal Ministry of Youth and Sports Development.
The AGSMEIS loan is for Nigerian household or Small and Medium Enterprise (SME) establish and operative in Nigeria.
Over N25B has been disbursed by Nirsal, AGSMEIS loan scheme. This Loan scheme is still on-going; so, more applicants can still submit application to benefit from this project.
So, as a business and household owner you will learn how to process your AGSMEIS application from this post.
What is AGSMEIS?
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 in Nigeria.
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How CBN AGSMEIS Loan Application works
- Get Trained – 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.
- Apply For Loan – The Entrepreneurship Development Institute (EDI) guides and assists you in getting all necessary documents required to secure the loan.
- Receive Funds – If you are selected you will get the loan paid into your Bank account. However if you don’t qualified you will be given feedback on what to do.
- Get Business Support Services – The Entrepreneurship Development Institute assists you to implement business plan and provide business support services commercially.
- Make Sales – Sell products and services to pay back loan and make profit.
- Repay Loan – Run your business, keep proper records, monitor sales and expenses to maximize profit and pay back the loan. Which is The interest rate is 9% per annum.
Related: EDI Training: List of Entrepreneurial Development Institute In Nigeria
Other Frequently asked questions
There are several frequently asked question. So, in this section I will be answering them. In addition you will be equipped with all the information needed to benefit in the AGSMEIS Loan application scheme.
Also, you will know how long it takes before disbursement; for qualified applicants of the Nirsal loan.
Who is Eligible for AGSMEIS Loan Application
To qualify for the loan the following criteria’s must be meant by every single applicant applying for the Nirsal AGSMEIS:
- All applicants must be citizen of Nigeria;
- You must own/operate a household or SME business or enterprise
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How do I access the AGSMEIS Loan?
First and foremost get trained by selecting a CBN-Certified Entrepreneurship Development Institute (EDI) to guide you through the loan application process and ensure that all your documents are complete.
Once you have completed the course at the Entrepreneurship Development Institute(EDI), you will be guided on how to apply online at the AGSMEIS portal afterward.
How long will it take for me to receive the AGSMEIS CBN loan?
This loan scheme is designed to be easily accessible. The entire process is automated. From application submission to disbursement takes six (6) to eight(8) weeks.
Do I need collateral for AGSMEIS Loan?
The AGSMEIS loan scheme does not require you to submit any collateral, as long as you are trained and meet the requirements you get the loan without any collateral of any form.
Closing Date for CBN AGSMEIS Loan Application 2020
Presently there is no specified closing date for application of the AGSMEIS loan. In other words this programme is still open to applicants for enrolment.