The NIRSAL AGSMEIS LOAN is a program that was recently implemented by the Central Bank of Nigeria (CBN) and Microfinance Bank to give out loans to individuals and groups with very low interest of nine percent to provide support in this pandemic period.
You must have applied through the NIRSAL NMFB website in order to have access to the NIRSAL AGSMEIS LOAN program.
Applicants with verified and approved loan applications will receive an SMS with a direct link to the NMFB portal.
To check your NIRSAL AGSMEIS LOAN approval, the first thing to do is to select the type of loan you applied for either in the form of Individual/Households or SME.
To verify your account, enter your BVN, and the amount approved for you will appear in the next window. You can click on it once seen to confirm and finish with the process of claiming your loan funds.
A new tab demanding your bank account details will pop up after confirmation, and below the page, you will find terms and conditions required for the loan, accompanied by the director in charge of your payment and their details.
The need has arisen for all applicants to check on their different approval status, and see for themselves if they reach the requirements laid down by the CBN through NIRSAL.
This is as a-result of the Central-Bank-of-Nigeria-following-through-with-its-plans-of assisting-individuals-and-SME (Small and Medium Enterprise) through-the Covid-19 trust fund-by-spending N50billion worth-of-loans-to support-struggling-Nigerians.
Since the fund’s inception, a large number of Nigerians have received loans ranging from #250,000 to #500,000 and higher.
WHAT IS AGSMEIS?
Agri-Business/Small and Medium Enterprises Investment Scheme is the full meaning of AGSMEIS, and it’s a plan to support the Federal Government’s efforts and policy measures to promote agricultural businesses and small/medium enterprises (SMEs).
The Federal Government’s aim in designing the program is to improve sustainable economic development and create employment.
Here are the objectives of the scheme:
- Firstly, To guarantee access to finance for SMEs, as these are the engine of growth of the Nigerian economy.
- Secondly,To generate employment opportunities in Nigeria.
- thirdly,To expand agricultural value sequence and ensure sustainable agricultural engagements.
- To enhance the administrative capacity of Agri-Business/SMEs as channels of growing enterprises that can become giant corporate organizations.
HOW DOES NIRSAL AGSMEIS WORK?
To have access to the NIRSAL AGSMEIS loan program, your documents-must-be complete, and you’ll-need-to-get-trained-by-first-selecting a CBN-Certified Entrepreneurship-Development-Institute (EDI) to-guide-you-through-the-loan-application-process.
The NIRSAL AGSMEIS Loan offers an interest rate of nine percent (9%), and the scheme doesn’t require collateral. The NIRSAL AGSMEIS loan scheme’s entire process is automated, and disbursement takes six (6) to eight (8) weeks. About N25 billion has been disbursed ever this program started, and registration is on-going.
WHO IS ELIGIBLE FOR THE NIRSAL AGSMEIS LOAN?
There are businesses that are eligible for the AGSMEIS Loan, including:
- Agricultural sector.
- Real sector: Manufacturing, Mining, and Petrochemicals.
- Service sector: Information and Communication Technology (ICT) and the Creative Industry.
- Other businesses approved by the Central Bank of Nigeria (CBN).
Requirements for the NIRSAL AGSMEIS Loan
These include:
- Duly completed application form.
- Bank Verification Number (BVN).
- Possession of Training certificate issued from a recognized Entrepreneurship Development Institution (EDI) or evidence of membership of organized private sector.
- Introduction Letter from any of the following: Village Head, District Head, Traditional Ruler, Clergy, senior civil servant, and more for individuals and micro-enterprises.
- Proof of registration of business name or certificate of incorporation and filing of yearly returns (where applicable) in conformity with the provisions of the Companies and Allied Matters Act (1990).
- Provision of current Tax Clearance Certificate (TCC) and Tax Identification Number (TIN) where applicable.
- For you to get qualified to access this fund, you must have been trained by an Enterprise Development Institute after which you will fill the form. They will submit your form to CBN.
- CBN will instruct banks to verify your account information, after which CBN will conduct its own investigation.
HOW CAN I APPLY FOR THE NIRSAL AGSMEIS LOAN?
Below are steps of how to apply for the NIRSAL AGSMEIS loan:
Step 1: Get the Training
There is compulsory training with a CBN-certified Entrepreneurship-Development Center (EDC) you must attend if you are interested in NIRSAL-AGSMEIS.
Step 2: Apply for Loan
To get all the necessary documents required to secure the loan, the Entrepreneurship-Development-Institute (EDI) will guide and assist you.
Step 3: Receive Funds
Beneficiaries get loans deposited into their accounts, while unqualified applicants get feedback.
Step 4: Obtain Business Support Services
You will be given assistance by the Entrepreneurship-Development Institute to implement a business plan and provide commercial business support services.
Step 5: Make Sales
To repay the loan and make a profit, you’ll have to sell the products and services.
Step 6: Repay Loan
To maximize profit and pay back the loan, you will need to run your business, keep proper records, as-well-as-monitoring-sales-and-expenses.
HOW DO I KNOW IF MY LOAN HAS BEEN APPROVED?
To check your NIRSAL AGSMEIS LOAN approval, the first thing to do is to go here and select the type of loan you applied for either in the form of Individual/Households or SME.
To verify your account, enter your BVN, and the amount approved for you will appear in the next window. You can click on it once seen to confirm and finish with the process of claiming your loan funds.
A new tab demanding your bank account details will pop up after confirmation, and below the page, you will find terms and conditions required for the loan, accompanied by the director in charge of your payment and their details.
HOW LONG IS IT GOING TO TAKE TO RECEIVE THE LOAN?
It takes six (6) to eight (8) weeks to receive the NIRSAL AGSMEIS disbursement.
The Central Bank of Nigeria (CBN) has made public that it disbursed a total of N106.96 billion to 27,956 beneficiaries of AGSMEIS, according to the last MPC report of the CBN.
According to the revelation of the apex, it has disbursed a total of N2.0 trillion as of January 2021.
Furthermore, the CBN disbursed from N192.64 billion to 426,016 among households and small businesses under the COVID-19 Targeted Credit Facility (TCF).
It disbursed N72.96 billion to the Health Care Support Intervention Facility, affecting 73% that comprises 26 pharmaceutical projects and 47 hospitals including health care services projects in the country.
To help create jobs, the apex-bank gave N3.12billion to 320recipients of the Creative-Industry-Financing-Initiatives and N268million to 395recipients of the Nigerian-Youth-Investment-Fund.
In a bid to assist the National Mass Metering Programme, the apex also made provision of N18.58 billion for the procurement of 347, 853 electricity reading meters to Disco.
Conclusion:
If you want to apply for an NIRSAL AGSMEIS loan, you must go through the entire process because there is no shortcut to the scheme’s eligibility.
Your company must have a name and be registered with the CAC before you can apply. That means you must have a physical address for your business.
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