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.
Introduction
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).
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
Modalities
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.
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