CBN Loan Application Guide 2024: Applying for AGSMEIS without Collateral

Get N500,000 to N10 million from CBN AGSMEIS Loan at 5% interest. It is simple to apply. The Central Bank of Nigeria offers this loan to people who wants to start a new business or expand their already established investments.

You can apply for the CBN AGSMEIS Loan 2023 now so you can get disbursements in 2024. You do not need collateral. Apply today! Simply read about everything you need to know about the AGSMEIS loan. This guide will give you an idea of how the loan application process works.

What is AGSMEIS?

AGSMEIS is a program started by the Bankers’ Committee to help the government with its goal of boosting small businesses and agriculture to create jobs and grow the economy.

This initiative was approved by the Bankers’ Committee in February 2017. It says that all banks in Nigeria have to put away 5% of their yearly profit after paying taxes to support this program.

The main aim of AGSMEIS is to help the government in its plans to promote small businesses and agriculture to make the economy stronger and create more jobs.

Goals of the Agric, Small and Medium Enterprise Scheme (AGSMEIS)

The Scheme’s Goals are:

The goals of the CBN AGSMEIS Loan Form 2023/2024 are for small businesses in the following sectors can apply:

  • Agriculture
  • Education (Schools and skill acquisition centres)
  • Health (Clinics, hospitals, laboratory and diagnostic centres)
  • Services (Hospitality, Restaurants, Catering, etc.)
  • ICT (Information and Communication Technology)
  • Manufacturing/Production of “Made in Nigeria goods”
  • Mining of raw materials by private sectors to increase production in companies
  • Transportation services for cheaper movement of people and goods
  • Creative Industry (Fashion, Design, Crafts, Entertainment, etc.) And more.

This is the list of 7 business you can start in Nigeria after collecting the loan disbursements from NIRSAL Microfinance bank. You can even start food stuff business if you collect as low as N500,000 loan only.

Activities of the CBN AGSMEIS Loan

The Central Bank of Nigeria is AGSMEIS Loan covers the following activities:

  • Businesses in the agricultural value chain, such as supplying inputs, production, storage, processing, logistics, and marketing.
  • Small and medium-sized enterprises (MSMEs) in the real sector, including manufacturing, mining, and petrochemicals.
  • MSMEs in the service sector, including information and communication technology (ICT) jobs and the creative industry.
  • Other activities determined by the Bankers’ Committee as needed.

Eligibility Requirements for CBN AGSMEIS Loan 2024

Central Bank of Nigeria Agricultural, Small and Medium Enterprise Scheme (CBN AGSMEIS Loan)”

This loan program, offered by the Central Bank of Nigeria (CBN), is designed to support and promote the growth of small and medium-sized enterprises (SMEs) in various sectors of the economy. The acronym AGSMEIS stands for Agric, Small and Medium Enterprise Scheme, highlighting its focus on agriculture and small to medium-sized businesses.

Key features and objectives of the CBN AGSMEIS Loan include:

  1. Access to Finance: The program aims to provide financial support to SMEs, making it easier for them to obtain funds for business expansion and development.
  2. Job Creation: One of its primary goals is to create employment opportunities within Nigeria. By supporting SMEs, the scheme contributes to job creation, helping to reduce unemployment rates.
  3. Agricultural Value Chain: The program covers various aspects of the agricultural value chain, including input supply, production, storage, processing, logistics, and marketing. This support helps boost agricultural practices and ensures sustainability in the sector.
  4. Diversification: AGSMEIS extends its support beyond agriculture to include businesses in the real sector, such as manufacturing, mining, and petrochemicals. This diversification of eligible sectors encourages economic growth and development.
  5. Service Sector: The program also caters to businesses in the service sector, including Information and Communication Technology (ICT) and the creative industry. This inclusion recognizes the significance of these sectors in the modern economy.
  6. Adaptability: The scheme remains flexible and can include other activities or sectors as determined by the Bankers’ Committee. This adaptability allows for the incorporation of emerging sectors and changing economic dynamics.

Overall, the CBN AGSMEIS Loan is a government-backed initiative aimed at providing financial resources and support to small and medium-sized enterprises across various sectors, ultimately contributing to economic development, job creation, and the growth of vital industries in Nigeria.

To access the AGSMEIS loan, certain conditions must be satisfied

To successfully apply for the AGSMEIS loan, here’s what you need to do:

  1. Get Training: You must have received training from an Entrepreneur Development Institute (EDI).
  2. Apply through EDI: Submit your loan application through the EDI where you received your training.
  3. Application Processing: Your application will be sent to the Central Bank of Nigeria (CBN) for processing.
  4. Interview: You may be called for an interview to discuss your business.
  5. Loan Approval: If you meet the requirements, you’ll be contacted and granted the loan.
  6. Complete the Application Form: Fill out the new loan application form with all the necessary information. Sign it and get it authenticated by the Entrepreneurship Development Center (EDC).

Important Details:

  • The maximum loan amount is 10 million Naira.
  • The interest rate is 5% per year.
  • The loan has a tenor of 7 years.
  • There is an 18-month moratorium period.
Approval and Disbursement of Funds for CBN Loan

Conditions for Approval and Disbursement of Funds for CBN Loan

These are the prerequisites that must be met either during the application or before the ultimate approval of the CBN loan application and the subsequent release of funds to the applicant:

  • Business Registration with CAC (Corporate Affairs Commission)
  • Proof of Tax Payments to FIRS
  • BVN (Bank Verification Number)
  • Letter of Introduction of yourself or company
  • Letter of Guaranty (preferably from your bank)
  • Certification by an Entrepreneur Development Institute (EDI)
  • Passport Photos of the Applicant and Guarantor
  • Valid Identification Card (drivers license, NIN, International Passport, Voter’s card)

Who is Eligible to Provide a Letter of Introduction for CBN AGSMEIS

People Who Can Provide a Letter of Introduction for CBN AGSMEIS Loan:

  1. A Pastor in your church
  2. Chief Imam of a mosque
  3. Local Government Area (LGA) Chairman
  4. Community Development Association (CDA) Chairman
  5. Village Head of your autonomous community
  6. Senior Civil Servants at Level 14 or above
  7. Managing Director of Blue Chip Companies
  8. Your friend or spouse can write the guaranty letter.

Important Note: If you applied last year and were asked to provide additional details before the final requirements were released, there is no need to re-submit your application.

AGSMEIS Loan’s Interest Rate 2024

The interest rate for the AGSMEIS Loan is 5% for the initial five years. If you borrow N500,000 you will pay back N550,000 only. This means that if you borrow One Million Naira (N1,000,000), you will repay One Million Fifty Thousand Naira (N1,050,000) over the loan period. Also, if you collect the maximum loan of 10,000,000 you’ll pay back N10,500,000 only after the loan tenor.

Applying for CBN AGSMEIS Loan 2024 Without Collateral.

1. Receive Training

Attend a mandatory one-week training at a CBN-certified Entrepreneurship Development Institute (EDI). They will issue you a certificate of training. You can find the list of CBN EDC Centers in Nigeria. You can also apply and get training as well as certificate from Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)

2. Submit Loan Application

The Entrepreneurship Development Institute (EDI) helps you obtain all the necessary documents for your loan application. You can download the AGSMEIS loan application from NIRSAL in PDF format. Alternatively, you can obtain the current application form from the CBN EDC where you received your training.

3. Get the Money

Loan funds are deposited into the beneficiaries accounts, and people who do not meet the criteria receive feedback.

4. Access Business Support Services

The Entrepreneurship Development Institute helps you put your business plan into action and offers commercial business support services.

5. Generate Revenue

Sell products and services to repay the loan and generate profits

6. Pay Back the Loan

  • Operate your business, maintain accurate records, track sales and expenses for higher profits, and repay the loan.

Nirsal Microfinance Bank (NMFB) is Supporting Financial Inclusion and Microfinance

NMFB Overview: Licensed by the CBN, established in 2019, and co-owned by the Bankers Committee (50%), NIRSAL (40%), and NIPOST (10%). The bank has disbursed around 776 million Naira in AGSMEIS loans to eligible SMEs.

CBN-Approved EDCs in Nigeria for Training

CBN EDC Centers in Nigeria provide resources and training to foster entrepreneurship, job creation, and economic growth. Their objectives include developing entrepreneurial skills, linking entrepreneurs with capital, and generating employment opportunities to support national development goals.

CBN EDC Centers in Nigeria Directory

Here is the CBN EDC Centers in Nigeria and their addresses!

CBN-EDC, Ibadan (South West)

Website: Address: Old SDSTC (Oyo Oodua Skill Acquisition Centre Premises), Samonda, Sango-UI Road, Ibadan, Oyo State, Nigeria.

CBN-EDC, PortHarcourt (South South)

Website: Address: 30 Trans-Woji Road, Grace Plaza, by Slaughter Bridge, Woji Town, Port Harcourt, Rivers State.

CBN-EDC, Maiduguri (North East)

Website: Address: Old Informatics Institute, Njimtillo, Kano Road, Maiduguri, Borno State.

CBN-EDC, Kano (North West) Address: Murtala Muhammed Library Complex, Kano, Kano State.

CBN-EDC, Makurdi (North Central)

Off Jonah Jang Crescent, Near Federal Secretariat, Makurdi, Benue State.

CBN-EDC, Minna (North Central)

Address: Minna Innovation Institute, Behind Niger State Sharia Commission, Justice Ndajiwo Drive, Minna, Niger State.

CBN-EDC, Enugu (South East)

Address: Ebenezer Villa Suite, 8 Ogenyi Close, Off Cornerstone Avenue, Off Nike Lake Resort Road, Enugu, Enugu State

Centre for Entrepreneurial Development

Website: Address: 36 Murtala Mohammed International Airport Road, Lagos.


CBN Loan Application Guide for AGSMEIS, which allows people and small businesses to apply for loans without the need for collateral, represents a significant step in promoting entrepreneurship and economic development in Nigeria.

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