How to apply for Central Bank of Nigeria N10,000,000 collateral free loan for small businesses

How to apply for Central Bank of Nigeria N10,000,000 collateral free loan for small businesses.

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 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
The objectives of the Scheme are to:
1. Improve access to affordable and sustainable finance by Agri-businesses, Micro, Small and Medium Enterprises (MSMEs)
2. Create employment opportunities in Nigeria
3. Boost the managerial capacity of agri-businesses and MSMEs to grow the enterprises into large corporate organizations in line with Federal Governmentss agenda to develop the real sector and promote inclusive growth.

Activities covered by the Scheme
1. Businesses across the agricultural value chain, covering production, inputs
supply, storage, processing, logistics and marketing.
2. MSMEs in the real sector including manufacturing, mining and petrochemicals.
3. MSMEs in the service sector including information and communication technology (ICT) and the creative industry.

4. Other activities as the Central Bank of Nigeria (CBN) may determine from time to time.

Financing under the Scheme shall be for start-ups, business expansion or revival of ailing companies and must be in compliance with provisions of BOFIA (1991) as amended The terms of the loans shall be as follows:
1. Loan limit: N10,000,000
2. Interest: 5% per annum
3. Tenor: Up to 7 years (depending on the nature/gestation period of the project)
4. Moratorium: Maximum of 18 months for principal and 6 months on interest.

Micro, Small and Medium Enterprises:
1. Duly completed application form
2. Bank Verification Number (BVN)
3. Certificate of Training from recognized Entrepreneurship Development Institution (EDI) or evidence of membership of organized private sector association. e.g of EDI, Lagos Business School, House of Tara, Fate Foundation, Thrive Agric etc to access the loan
4. Letter of Introduction from any of the following, Clergy, Village Head, District Head, Traditional Ruler, senior civil servant, etc. (for individuals/micro enterprises only).
5. Evidence of registration of business name or certificate of incorporation and filing of annual returns (where applicable) in compliance with the provisions of the Companies and Allied Matters Act (1990).
6. Tax Identification Number (TIN) and current Tax Clearance Certificate (TCC)
where applicable

Application Process
Micro, Small and Medium Enterprises:
1. Enrol with a CBN certified EDI for a one-week training
2. Eligible applicants shall pick-up and submit a completed application form to the EDIs
3. The EDI shall collate, appraise and submit applications to CBN.
4. CBN shall consider the application and invite applicants for interviews
5. Upon approval, CBN shall approve the loan and disburse to necessary vendors as applicable.

Source: Rep. Ogundu Kingsley Chinda, MHR






First Lady of Nigeria, Dr. Mrs. Aisha Buhari has distributed food items to vulnerable groups in Gombe State through her pet-project Future Assured as part of a series of humanitarian activities that the First Lady embarked upon since November 2019, focusing on hospitals, charity organisations and the poor . The first lady’s delegation was on a mercy mission to Gombe state from 3rd to 4th January, 2020.

Mrs. Buhari, in her goodwill message delivered by Aliyu Abdullahi, Special Assistant to the President on Media & Publicity, (Office of the First Lady) said the visit was to show love to the most vulnerable in our communities and to remind the people of Gombe State that the mother of the nation has not forgotten them and infact identifies with them in their time of need.

Mr. Abdullahi also informed the beneficiaries that the First Lady remembers their demonstration of love, support and solidarity to her husband, President Muhammadu Buhari by the people of Gombe State.

First Lady of Gombe state, Her Excellency, Hajiya Asmau Muhammadu Inuwa Yahya, who received the team and flagged off the ceremony was overwhelmed with the kind gesture of the Nigerian First Lady and for choosing Gombe State as one of the beneficiary states for this mercy outreach mission. She was accompanied by Wife of the Deputy Governor, the Commissioner for Women Affairs and Social Development, Mrs. Naomi Joel Awak, and other Gombe State officials.

Hajiya Asmau Muhammadu Inuwa Yahya in her remarks stated that the human spirited initiatives being pursued by Mrs. Buhari through her pet project, Future Assured are in tune with Gombe State Administration’s programmes targeting the empowerment of women, youth, and other vulnerable groups. She also pleaded with the leadership and representatives of all beneficiary groups to ensure fair distribution process with a view to reaching out to the targeted beneficiaries.

The Flagging off the distribution of bags of 50kg rice, Cartons of Spaghetti, and Gallons of Vegetable Oil was held at the Pantami Stadium in the city of Gombe before the First Lady’s delegaton extended its visit to the Gombe Orphanage and subsequently to ancient town of Tula where one of the oldest Nigerian Correctional Facility is located, all benefitted from the food items.

The delegation of the First Lady was taken round these locations by the wife of the Governor, Hajia Asmau Muhammadu Inuwa Yahya and her team.

At the Gombe Orphanage, the delegation was received by the Head of the Orphanage, Mallam Mohammed Adamu who conducted the team round the orphanage for the distribution. Mallam Adamu and the orphans expressed their gratitude to the Mrs. Buhari for remembering them.

At the ancient Tula Correctional facility in Kaltungo Local Government Area, the Tula Women Association and the Chief Warden received the delegation and also conducted the delegation round the facility where another goodwill message from First Lady was delivered for the inmates, Mrs. Buhari admonished them to use the experience of rehabilitation and become good citizens in order for them to be reintergrated into the society and contribute their quota to the development of the nation. The Chief Warden of the Tula Correctional Facility thanked the Nigerian First Lady for coming to their rescue, while the Tula Women Association were also full of appreciation to the First Lady, the Tula Women Leader recalled that this is the first time in history that they received any delegation of Nigerian First Lady in their community and remarked that they will remember the visit as historic moment in their community.

Among the groups that benefitted from the First Lady’s generosity included FOMWAN, Christian Association of Nigeria (CAN) women, Widows Group, Zaurawa Group, various youth groups, three Orphanage Homes, four Correctional Facilities, People living with disabilities, various Women groups in all wards of the 11 Local Governments of the State.

The First Lady’s delegation was led by Mr. Aliyu Abdullahi the Special Assistant to the President on Media and Publicity (Office of the First Lady), and Mrs. Rose Audu of the Future Assured Program.

Aliyu Abdullahi
Special Assistant to the President on Media & Publicity
(Office of the First Lady)

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