Financing under the Scheme shall be for start-ups, business expansion or revival of ailing companies. The terms of the loans shall be as follows:
Loan amount: Up to N3,000,000
Interest: 5% per annum for regular and 0% for noninterest AGSMEIS.
Tenor: Up to 7 years (depending on nature/gestation period of the project)
Moratorium: Maximum of 18 months for principal and 6 months on interest.
To access the AGMEIS loan, there are some conditions that must be met:
1. Interested Applicants must undergo training by a CBN certified Entrepreneurship Development Institution (EDI)
2. Interested Applicants will apply for the loan through the CBN accredited EDI
3. The application will then be sent to CBN through NIRSAL MFB by the EDI, for processing.
4. Those qualified will be contacted and given the loan.
5. Fill clearly the form with all the details required, sign and get them authenticated by the EDI.
Requirements either during the application or before final approval/disbursement:
1. BVN
2. Certificate issued by a CBN certified EDI
3. Details of two (2) Guarantors
4. Valid ID card
5. A Business Plan provided by the EDI
Where to Apply: HERE
Note that apart from training and certifying you, the EDI also guides and assists you in getting all necessary documents required to secure the loan, including a business plan.
If you have benefited from the COVID-19 TCF, you’re not eligible for the new non-interest facility.
Loan amount: Up to N3,000,000
Interest: 5% per annum for regular and 0% for noninterest AGSMEIS.
Tenor: Up to 7 years (depending on nature/gestation period of the project)
Moratorium: Maximum of 18 months for principal and 6 months on interest.
To access the AGMEIS loan, there are some conditions that must be met:
1. Interested Applicants must undergo training by a CBN certified Entrepreneurship Development Institution (EDI)
2. Interested Applicants will apply for the loan through the CBN accredited EDI
3. The application will then be sent to CBN through NIRSAL MFB by the EDI, for processing.
4. Those qualified will be contacted and given the loan.
5. Fill clearly the form with all the details required, sign and get them authenticated by the EDI.
Requirements either during the application or before final approval/disbursement:
1. BVN
2. Certificate issued by a CBN certified EDI
3. Details of two (2) Guarantors
4. Valid ID card
5. A Business Plan provided by the EDI
Where to Apply: HERE
Note that apart from training and certifying you, the EDI also guides and assists you in getting all necessary documents required to secure the loan, including a business plan.
If you have benefited from the COVID-19 TCF, you’re not eligible for the new non-interest facility.
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