Enterprenuership Development Training -CBN AGSMEIS Loan

AGSMEIS - Agric Business, Small Medium Enterprise Investment Scheme is an initiative of the CBN/Bankers’ Committee in a bid to support and complement the Federal Governments’ efforts at promoting entrepreneurs by providing the much needed finances to boost entrepreneurial management skills in order to improve employment and reduce poverty.

• Loan range = 500,000 to 10m
• Interest rate is 9% pa
• Tenor is 4-7 years. The longer the tenor, the more money you pay for repayment
• Moratorium (the number of months before you start repaying the loan – grace period) = 6 – 12 months depending on the nature of business
• No collateral but equipment will be bought in the name of Nirsal MFB (partnering with CBN to disburse fund)
• Nirsal MFB will call you when your application is approved to get your loan

First Step Requirements

• Get trained by an EDI
• Get a training certificate (unique training code)
• Write your business plan (70% of funds for equipment/30% for working capital)