What is AGSMEIS?
The Agri-Business/Small and Medium Enterprise Investment Scheme is an initiative to support the Federal Government's efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation
A) Eligible industries
1)Creative & Art industries
3)Apparel & Textile
4)Arts & Entertainment
5)Industrial & Manufacturing
6)Agriculture & Allied Processing
8)Information & Communication Technology
10)Media & Publishing
12)Catering & Event Management
B) How Does It Work?
Step 1: Get Trained
Attend a compulsory training with a CBN certified Entrepreneurship Development Center (EDC).
Step 2: Apply For Loan
The Entrepreneurship Development Institute (EDI) guides and assists you in getting all necessary documents required to secure the loan
Step 3: Receive Funds
Loans are paid into the account of beneficiaries. Unqualified candidates are given feedback
Step 4 Get Business Support Services
The Entrepreneurship Development Institute assists you to implement business plan and provide business support services commercially
Step 5 Make Sales
Sell products and services to pay back loan and make profit.
Step 6: Repay Loan
Run your business, keep proper records, monitor sales and expenses to maximize profit and pay back the loan.
C) What is the interest rate?
The interest rate is nine percent (9%) per annum.
D) Do I require a loan?
No, this loan scheme does not require a collateral.
E) How long will it take?
This loan scheme is designed to be easily accessible. The entire process is automatted. From application submittion to disbursement takes six(6) to eight(8) weeks.
F) Has disbursement started?
According to Nirsal Microfinance Bank, over N25B has been dispersed already and more will still be dispersed as it is still an ongoing process.