OPPORTUNITIES
How to Applying for AGSMEIS Non-Interest Loan in Nigeria

The Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) is an initiative by the Central Bank of Nigeria (CBN) aimed at providing financial support to Micro, Small, and Medium Enterprises (MSMEs) across various sectors
The scheme offers both interest-bearing and non-interest-bearing loan options, with the non-interest variant adhering to Islamic finance principles.
This guide provides a comprehensive, step-by-step process to apply for and obtain the AGSMEIS Non-Interest Loan through NIRSAL Microfinance Bank (NMFB).
Eligibility Criteria
To qualify for the AGSMEIS Non-Interest Loan, applicants must meet the following conditions:
- Business Type: The loan targets small businesses engaged in productive activities.
- Business Registration: Applicants should provide relevant information about their business and the items to be financed.
Loan Amount and Purpose
The AGSMEIS Non-Interest Loan offers financing up to ₦2,500,000.00 for small businesses. The funds are intended for the acquisition of key assets necessary for business operations, thereby facilitating growth and expansion.
Step-by-Step Application Process
Follow these detailed steps to apply for and obtain the AGSMEIS Non-Interest Loan:
- Attend Mandatory Training
- Enroll with a CBN-Certified Entrepreneurship Development Institute (EDI): Begin by registering for a compulsory training program with an EDI accredited by the CBN.
- These institutes provide essential training on business management and assist with the loan application process.
- A list of certified EDIs can be found on the AGSMEIS application portal.
- Complete the Training Program: Participate actively in the training sessions, as they are designed to equip you with the necessary skills to manage your business effectively. Upon completion, you will receive a Certificate of Training, which is a prerequisite for the loan application.
- Prepare Necessary Documentation Gather the following documents to support your loan application:
- Duly Completed Application Form: This form is typically provided by the EDI during or after your training.
- Bank Verification Number (BVN): Ensure your BVN is active and linked to your personal bank account.
- Certificate of Training: Obtain this from the EDI upon successful completion of the training program.
- Business Registration Documents: Provide evidence of business name registration or a certificate of incorporation, along with annual returns filings if applicable, in compliance with the Companies and Allied Matters Act (1990).
- Letter of Introduction: A letter from a recognized authority such as a clergy member, village head, district head, traditional ruler, or senior civil servant. This is particularly required for individuals or micro-enterprises.
- Tax Identification Number (TIN): If applicable, include your TIN and current tax clearance certificate.
- Submit Your Application
- Through the EDI: After completing the training and gathering all necessary documents, submit your application to the EDI. The EDI will review your application for completeness and accuracy before forwarding it to NIRSAL Microfinance Bank for processing.
- Application Review and Approval
- Evaluation by NMFB: NIRSAL Microfinance Bank will assess your application, focusing on the viability of your business plan and your readiness to effectively utilize the loan.
- Approval Notification: If your application meets the required criteria, you will receive an approval notification detailing the loan amount and terms.
- Disbursement of Funds
- Asset Procurement: The approved loan amount will be disbursed directly to the vendors of the equipment or assets you intend to purchase for your business. This ensures that the funds are used specifically for business development purposes.
- Post-Disbursement Support
- Business Support Services: Post-disbursement, the EDI will continue to provide support services to ensure the successful implementation and management of your business operations.
Additional Considerations
- No Collateral Required: One of the significant advantages of the AGSMEIS Non-Interest Loan is that it does not require collateral, making it more accessible to small business owners.
- Repayment Terms: The loan offers favorable repayment terms, including a moratorium period that allows businesses time to generate revenue before commencing repayment.
- Stay Informed: Regularly check your email and the NMFB portal for updates on your application status.
By meticulously following these steps and ensuring compliance with the specified conditions, you can successfully access the AGSMEIS Non-Interest Loan to support and grow your business.
HOW TO APPLY 👇 FOR AGSMEIS LOAN
To apply, CLICK HERE
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