The Agric-Business/ Small and Medium Enterprises Investment Scheme (AGSMEIS) is a voluntary initiative of the Bankers committee of Nigeria approved at 331st meeting held on 9th February, 2017. The scheme requires all banks in Nigeria to set aside 5% of their annual profit after tax (PAT) annually.
The Loan is disbursed through NIRSAL Microfinance Bank.
AGSMEIS main aim is 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.
Activities covered include:
- Businesses across the agricultural value chain covering inputs supply, production, storage, processing, logistics and marketing.
- MSMEs in the real sector including manufacturing, mining andpetrochemicals.
MSMEs in the service sector including information and communication technology (ICT) and the creative industry. Other activities as may be determined by the Bankers’ Committee from time to time.
- The loan has been expanded to cover all SMEs except buying and selling.
To access AGSMEIS loan, there are some conditions that must be met.
1) Interested applicant must have been
trained by an Entrepreneur Development Institute (EDI)
2) Interested applicant will apply for loan via an EDI
3) The applications will then be sent to CBN for processing.
4) Applicants will be called for an interview regarding his/her business.
5) Those qualified will be contacted and given the loan.
LOAN TENURE: 7years maximum tenor
INTEREST RATE: 9% per annum
MORATORIUM: 18months maximum
NO COLLATERAL IS REQUIRED
If you reside in Abuja and would want to apply for this loan, Kindly visit Gogetit Office at Suite 308, NAWA Complex, after Next Cash and Carry, plot 106 & 107, Ahmadu Bello Way, Kado District.
Those outside Abuja can now participate as our training services are now online. Kindly click here to register for the training if you can’t visit the office physically.
You can as well call our helpline 08036576494 for more information.
This is a laudable initiative. I thank the Federal Government and CBN for this lease of life to would be serious entrepreneurs.