In an aggressive bid to quickly diversify the economy, the Federal Government, through the Central Bank of Nigeria (CBN), is putting in place support networks that will serve as incentives to drive entrepreneurship in the country. The CBN collateral-free loan application for 2020 is one of such support networks and incentives. To the tune of N10 million, the Agric Small and Medium Enterprise Scheme (AGSMEIS) allows entrepreneurs to take loans without collateral but at 5% interest per annum.
The AGSMEIS was initiated by the Bankers’ Committee to complement Federal Government’s effort in the Agro-industry and small-medium enterprise categories. It serves as a vehicle for driving sustainable economic growth in the era of diminishing returns from oil exploration and sales.
Sectors such as Agribusinesses, Education, Health, Hospitality & Restaurant Services, Tech, Manufacturing/ Production, Mining, and the Creative Industry comprising fashion, film-making, crafts and more are eligible for the AGSMEIS packages.
To access the loan, applicants must have received some training from the Entrepreneur Development Institute (EDI), an arm of CBN, or from a reputable Enterprise Development Centre in Nigeria. The applicants are mandated to apply through the EDI, which will forward the applications directly to the Central Bank. After an interview, qualified applicants will receive their loans.
To learn more about the scheme visit https://www.cbn.gov.ng/out/2017/dfd/guidelines%20on%20agsmeis.pdf
To apply through Union Bank click https://www.unionbankng.com/forms/agsmeis-fund/