How to Access up to 10 Million Naira Collateral-free CBN Loan

How to Access up to 10 Million Naira Collateral-free CBN Loan



The Central Bank of Nigeria is giving collateral-free loans of up to N10,000,000 (Ten million Naira) to small businesses in a scheme called; Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS).

The sum of 66.72 Billion Naira has been disbursed under AGSMEIS to 17,624
beneficiaries as of October 30, 2020.

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The Scheme supports governments policy measures for the promotion of agricultural businesses, micro, small and medium enterprises (MSMEs) as vehicles for sustainable economic development and employment generation.

Objectives of the Scheme

To improve access to affordable and sustainable finance by Agri-businesses, Micro, Small and Medium Enterprises (MSMEs).

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Create employment opportunities in Nigeria.
Boost the managerial capacity of agri-businesses and MSMEs to grow the enterprises into large corporate organizations in line with the Federal Government’s agenda to develop the real sector and promote inclusive growth.

Eligible sectors/businesses
1. Agriculture & Agro-allied Processing
2. Art & Entertainment
3. Automobile Services
4. Fashion and Dressmaking
5. Catering & Event Management
6. Courier & Delivery Services
7. Creative Industry
8. Apparels and Textiles
9. I.C.T
10. Cottage Industry
11. Media
12. Publishing
13. Telecommunications
14. Hospitality
15. Health Services
16. Welding and fabrication
17. Animal Husbandry
18. Cosmetics, Beauty and Makeup Artistry
19. Electrical and Electronics
20. POP and Tiling
21. Carpentry
22. Masonry
23. Kerbs and Electric Pole making

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Financing under the Scheme shall be for start-ups, business expansion or revival of ailing companies. The terms of the loans shall be as follows:

Loan amount:  Up to N10,000,000

Interest: 5% per annum

Tenor: Up to 7 years (depending on nature/gestation period of the project)

Moratorium: Maximum of 18 months for principal and 6 months on interest.

Eligible applicants shall pick-up and submit a completed application form to the EDIs

To access the AGMEIS loan, there are some conditions that must be met:

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1. Interested Applicants must undergo training by a CBN certified Entrepreneurship Development Institution (EDI)

2. Interested Applicants will apply for the loan through the CBN accredited EDI

3. The application will then be sent to CBN for processing.

4. Applicants will be called for an interview regarding their business.

5. Those qualified will be contacted and given the loan.

6. Fill clearly the form with all the details required, sign and get them authenticated by the EDI.


If you are having issues with the Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS) kindly use the comment box so we can assist you in resolving the issue.

For more update information aboutAgric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS) You can drop your phone number or join our WhatsApp group by clicking on the icon below.


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Nwoka Stanley

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