Fresh CBN Collateral Free Loan – Apply to Benefit

Fresh CBN Collateral Free Loan – Access up to 10 million naira collateral-free loans for funding your business or business idea through the CBN/NIRSAL AGSMEIS LOAN SCHEME by the Federal Government of Nigeria.

Under this scheme, participants will be trained and a certificate of participation will be given to participants.

Read – How To Get BOI Loan With your NYSC Certificate

WHO IS ELIGIBLE?

1. Start ups any business.
2. Existing businesses owners.
3. Aspiring Entrepreneurs and small business managers.

WHAT QUALIFIES YOU TO PARTAKE IN THE LOAN?

1. You must be a Nigerian Citizen.
2. You must have a valid means of identification eg Driver’s licence, voters card, National ID card or International passport.
3. You must have a BVN number.
4. You must have a business idea for startups or an existing business for expansion and revival of business.

Terms of the CBN Collateral Free Loan

Loan Limit; N10,000,000
Interest; 9% per Annum.
Tenor; Up to 7 years (depending on the nature/gestation period of the project)
Moratorium; Maximum of 18 months for principal and 6 months of interest.

 

Read – NMFB OBL Loan Link Portal – Register

ELIGIBLE SECTORS

1. Agriculture and Agro-Allied processing
2. Art and Entertainment
3. Automobile Services
4. Fashion and Dressmaking
5. Catering and Event management
6. Courier and Delivery
7. Creative Industry

HOW TO APPLY FOR THE AGSMEIS LOAN

STEP 1. Interested applicants must undergo a compulsory training by an Entrepreneurship Development Institute (EDI).
This is where we come in at REAP AFRICA INITIATIVE, whether you are an experienced entrepreneur or just a beginner, our 5 days intensive training on Entrepreneurship development will leave you yearning for more. Our facilitators are carefully selected accomplished professionals in their respective areas and delivers only on excellence.

STEP 2: APPLY FOR THE LOAN AND UPLOAD A BUSINESS PLAN.

The second step in the process flow after the training is for the applicant to apply for the loan through the EDI by completing the loan application form and a profile will be created on the NIRSAL AGSMEIS PORTAL. REAP AFRICA INITIATIVE will now forward all applications to NIRSAL microfinance bank.
Applicants will be expected to prepare and submit an online business plan. The business plan will convince the bank that your business is feasible and can pay back the money you are requesting for.

STEP 3: RECEIVE FUNDS.

After the business plan has been submitted, applicants will undergo an online assessment on all documents submitted regarding their businesses. This will be after all the documentation processes have been completed.

Read – BOI loan Application

STEP 4: GET BUSINESS SUPPORT SERVICES

The Entrepreneurship Development Institute (EDI) will assist you to implement the business plan drawn and also provide business support services commercially

STEP 5: MAKE SALES

You sell your products and services to pay back loans and make profit, beneficiaries are expected to run the business by keeping proper records, monitor sales, and expenses to maximize profit and pay back the loan

STEP 6; REPAY LOAN

•Run your business, keep proper records, monitor sales and expenses to maximize profit and pay back the loan.

Method of Application

Interested persons should click the link to apply.

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