NMFB Non-Interest AGSMEIS 2023 – What you should know about NMFB is in this post. So Small businesses can get up to N3,000,000 (Three Million Naira) NMFB Non-Interest AGSMEIS in collateral-free loans from the Central Bank of Nigeria under the Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS).
Do you know that the Scheme backs government policies that promote agricultural businesses and micro, small, and medium-sized enterprises (MSMEs) as drivers for long-term economic growth and job creation?
Objectives Of The Scheme
- Need to improve access to affordable and sustainable finance by Agribusinesses, Micro, Small, and Medium Enterprises (MSMEs).
- Need to Create employment opportunities in Nigeria.
- Beed to Boost the managerial capacity of agri-businesses and MSMEs to grow the enterprises into large corporate organizations in line with the Federal Government’s plan to develop the real sector and promote inclusive growth.
Eligible Sectors/Businesses for NMFB Non-Interest AGSMEIS 2023
- Agriculture & Agro-allied Processing
- Art & Entertainment
- Automobile Services
- Fashion and Dressmaking
- Catering & Event Management
- Courier & Delivery Services
- Creative Industry
- Apparels and Textiles
- Cottage Industry
- Health Services
- Welding and fabrication
- Animal Husbandry
- Cosmetics, Beauty, and Makeup Artistry
- Electrical and Electronics
- POP and Tiling
- Kerbs and Electric Pole Making
The Scheme’s financing will be used for start-ups, business expansion, or the revival of failing businesses. The following are the terms of the loans:
- Need Loan amount: Up to N3,000,000
- Need Interest: 5% per annum for regular and 0% for non-interest AGSMEIS
- Need Tenor: Up to 7 years (depending on nature/gestation period of the project)
- Need Moratorium: Maximum of 18 months for principal and 6 months on interest.
To Access The AGMEIS Loan, There Are Some Conditions That Must Be Met:
- Interested Applicants must undergo training by a CBN-certified Entrepreneurship Development Institution (EDI)
- Interested Applicants will apply for the loan through the CBN-accredited EDI
- The application will then be sent to CBN through NIRSAL MFB by the EDI, for processing.
- Those qualified will be contacted and given the loan.
- Fill out the form with all the details required, sign it, and get them authenticated by the EDI.
Requirements Either During The Application Or Before Final Approval/Disbursement
- Certificate issued by a CBN-certified EDI
- Details of two (2) Guarantors
- Valid ID card
- A Business Plan provided by the EDI
How To Apply for NMFB Non-Interest AGSMEIS 2023
Interested individuals should click here to apply for NMFB Non-Interest AGSMEIS
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