The Central Bank of Nigeria has approved a total sum of N25bn for disbursement to over 8,000 successful AGSMEIS applicants. The NMFB credit team has commenced the disbursement process in earnest. Currently, they have disbursed over N1.89bn to 574 beneficiaries. This was made known by Nirsal Microfinance Bank, a federal government Microfinance Bank saddled with the responsibility of dispensing the loans and monitoring its judicious use by the different beneficiaries.
On October 1, 2019, the CBN announced that citizens are free to access the loan in order to boost their businesses or to start up a new business. The loan ranges from 1 million naira to 10 million naira and can be repaid within a period of 7 years.
The loan is given to boost small and medium scale enterprises. Interested applicants are required to visit the Microfinance Bank, then register or register online, then attend a compulsory training at a designated entrepreneurship development institute (EDI), after which the institute guides the applicants through the application process after being certified. Then the applicants write a business plan and submit to Nirsal for approval.
There are various categories of enterprises that can benefit from AGSMEIS loan. They are; Agriculture, Arts and Entertainment, Automobile Services, Fashion and Dress Making, Courier Services, Catering and Event Management, Creative Industry, Apparels and Textiles, ICT, Cottage Industry, Media, Publishing, Telecommunications, and Hospitality amongst others.