CBN INTRODUCES AGRIC SMALL AND MEDIUM ENTERPRISES INVESTMENT SCHEME
The Central Bank of Nigeria (CBN), has introduced a funding support programme for Micro, Small and Medium Enterprises known as ‘Agric Small and Medium Enterprises Investment Scheme (AGSMEIS)’.
Existing and aspiring entrepreneurs can access up to Ten Million Naira (N10,000,000.00) at 9% per annum for up to 7 years repayment from CBN in the AGSMEIS program with no collateral.
We are glad to announce that Innovation Growth Hub is now a center for the Entrepreneurship Development Institute (EDI) in Abia State.
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.
Who is Eligible?
• Creative & Art industries
• Fashion, Beauty Apparel & Textile Arts & Entertainment
• Industrial & Manufacturing
• Agriculture & Allied Processing Automobiles
• Information & Communication Technology
• Telecommunication Media & Publishing
• Catering & Event Management
How Does It Work?
Step 1: Get Trained
The Entrepreneur attends a compulsory one week training with a CBN certified Entrepreneurship Development Institute (EDI). Go to http://www.nmfb.com.ng and click “Apply now” and register. Fill in all the required details for your profile and at the end select “ *Innovation Growth Hub*” your EDI/Training institute. (Training fee is N10,000 only).
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 applicants to implement business plans and provide business support services commercially.
Step 5: Make Sales
The Entrepreneur sells products and services to pay back loans and make profit.
Step 6: Repay Loan
The Entrepreneur the business, keep proper records, monitor sales and expenses to maximize profit and pay back the loan.
The NIRSAL Microfinance Bank portal link for the loan application is https://nirsalmfb.caderp.com/account/landingpage the MSMEs are to click on “Apply now” and fill out required details. When asked to select EDI or training institute, you are to select *Innovation Growth Hub* for their Entrepreneurship training.