According to the bank, all previous applications for the Scheme have been migrated to the new website while users can easily track their applications and obtain feedback at all levels. Previous Applicants can sign in and see their application.
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 this scheme, one can access up to N10 million long term loan without Collateral at 5% interest per Annum till 28th February, 2022, then 9% interest rate for the rest of the years.
Who is Eligible?
Procedures for getting the Loan
Step 1: Get Trained
All applicants who wish to apply for the AGSMEIS Loan must firstly create a Profile by Registrating through the application portal https://agsmeisapp.nmfb.com.ng. Registering through this portal does not mean one has applied for the AGSMEIS Loan.
After the Registration, one must be trained by a CBN Approved Entrepreneurship Development Institute (EDI) which must be chosen by the applicant during Registration or later. The Training Fee is N10,000. Why? Because they are CBN Approved but are independent units doing their own businesses. Some EDI offer more Trainings than just for the purpose of the AGSMEIS Loan Scheme. CBN however approved the N10,000 Training Fee for all State EDIs and no extortion is allowed.
The EDI can assist you in developing a Business Plan that suits your Business of choice at a service fee usually N5,000 for the purpose of the AGSMEIS Loan Scheme.
Also, the EDI will help you apply for the Loan by uploading your Business Plan, monitoring and ‘tracking’ your loan application. Many applicants do not actually know this and many have been raising alarm over approval. This service also comes at a fee of usually N10,000, depending on the EDI.
Step 2: Apply For Loan
The Entrepreneurship Development Institute (EDI) guides and assists you in getting all necessary documents required to secure the loan.
Step 3: Receive Funds
Loans are paid into the account of beneficiaries. Unqualified candidates are given feedback.
Step 4 Get Business Support Services
The Entrepreneurship Development Institute assists you to implement business plan and provide business support services commercial.
Step 5 Make Sales
Sell products and services to pay back loan and make profit.
Step 6: Repay Loan
Run your business, keep proper records, monitor sales and expenses to maximize profit and pay back the loan.