CBN AGSMEIS Collateral Free Loan: Up to #10,000,000


Access Up to 10 Million Naira Collateral-Free Loans for Your Business with CBN/NIRSAL AGSMEIS Loan Scheme by the Federal Government of Nigeria

Are you in need of funding to start or expand your business in Nigeria? The CBN/NIRSAL AGSMEIS Loan Scheme, initiated by the Federal Government of Nigeria, offers an opportunity to access up to 10 million Naira in collateral-free loans. Participants of the scheme will also receive valuable training and a certificate of participation.



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Eligibility Criteria

The AGSMEIS loan is open to various categories of individuals and businesses, including:

  1. Start-ups and aspiring entrepreneurs.
  2. Existing business owners looking to expand their operations.
  3. Small business managers seeking funding for their ventures.

To qualify for the loan, you must meet the following requirements:

  1. Nigerian Citizenship: You must be a citizen of Nigeria.
  2. Valid Means of Identification: You should possess a valid means of identification, such as a driver’s license, voter’s card, national ID card, or international passport.
  3. BVN Number: You must have a Bank Verification Number (BVN).
  4. Business Idea or Existing Business: You must have a viable business idea for start-ups or an existing business that requires funding for expansion or revival.

Loan Terms

The AGSMEIS loan offers favorable terms for borrowers, including:

  1. Loan Limit: You can access up to 10 million Naira in loans.
  2. Interest Rate: The loan carries an interest rate of 9% per annum.
  3. Tenor: The repayment period can be up to 7 years, depending on the nature/gestation period of the project.
  4. Moratorium: A maximum of 18 months for principal repayment and 6 months for interest repayment is allowed.

Eligible Sectors

The AGSMEIS loan scheme covers a wide range of sectors, including:

  1. Agriculture and Agro-Allied Processing.
  2. Art and Entertainment.
  3. Automobile Services.
  4. Fashion and Dressmaking.
  5. Catering and Event Management.
  6. Courier and Delivery.
  7. Creative Industry.

How to Apply for the AGSMEIS Loan

The application process involves the following steps:

Step 1: Compulsory Training – Interested applicants must undergo a mandatory training program offered by an Entrepreneurship Development Institute (EDI). As a reputable EDI, REAP AFRICA INITIATIVE provides a comprehensive 5-day intensive training on entrepreneurship development. Our carefully selected facilitators, who are accomplished professionals in their respective fields, deliver excellence in training.

Step 2: Loan Application and Business Plan Upload – After completing the training, applicants can proceed to apply for the loan through the EDI by filling out the loan application form and creating a profile on the NIRSAL AGSMEIS Portal. REAP AFRICA INITIATIVE will then forward all applications to NIRSAL Microfinance Bank. Applicants are required to prepare and submit a detailed online business plan that demonstrates the feasibility of their business and their ability to repay the loan.

Step 3: Fund Disbursement – Upon submission of the business plan, applicants’ documents will undergo an online assessment by the bank. Once the documentation process is completed, successful applicants will receive the loan funds.

Step 4: Business Support Services – The Entrepreneurship Development Institute (EDI) will provide assistance in implementing the business plan and offer commercial business support services.

Step 5: Revenue Generation – Beneficiaries are expected to generate revenue from their products or services to repay the loan and make a profit. It is important to keep proper records, monitor sales and expenses, and maximize profits to ensure a timely repayment.

Loan Repayment

As the business grows, borrowers should pay back according to the payment plan