Are you an entrepreneur or small business owner in Nigeria looking for accessible funding to start or grow your business? The AGSMEIS Loan Scheme (Agri-Business/Small and Medium Enterprises Investment Scheme) is a Federal Government initiative aimed at boosting economic development by supporting SMEs and agricultural businesses through low-interest, collateral-free loans.
This guide will walk you through everything you need to know about the AGSMEIS loan, including how it works, who is eligible, the step-by-step application process, and frequently asked questions that can help you succeed in your application.
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What is the AGSMEIS Loan?
The AGSMEIS Loan is a funding opportunity initiated by the Central Bank of Nigeria (CBN) and managed by NIRSAL Microfinance Bank (NMFB). It is designed to provide affordable loans to micro, small, and medium enterprises (MSMEs) in key sectors like agriculture, manufacturing, ICT, creative industry, and trade. The goal is to reduce unemployment and promote sustainable economic growth in Nigeria.
Benefits of the AGSMEIS Loan Scheme
- Loan Amount: Up to N10 million
- Interest Rate: 5% per annum
- Collateral: None required
- Repayment Period: Up to 7 years, depending on the business type
- Grace Period: A moratorium of up to 18 months (depending on your business)
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Step-by-Step Guide to Apply for the AGSMEIS Loan in 2025
1. Attend a Mandatory Training
- You must complete a business training program with a CBN-certified Entrepreneurship Development Institute (EDI). This step is compulsory before applying for the loan.
2. Create an Account on the AGSMEIS Portal
- Visit the official website: https://agsmeisapp.nmfb.com.ng
- Click on Apply Now
- Choose Apply as Applicant
3. BVN Verification
- Provide your Bank Verification Number (BVN)
- Make sure your names and date of birth match exactly with what your bank has on file
- If your BVN validation fails, try rearranging your name order or contact your bank for correction
4. Complete the Application Form
- Fill out your personal information, business details, training records, and contact information
- Submit your application for review
5. Await Approval
- If qualified, you’ll receive an approval notification
- Disbursement is made directly to your NMFB account
- Equipment purchases are handled through verified NMFB vendors
6. Launch and Grow Your Business
- Use the loan to implement your business plan
- Maintain proper records and focus on sales and profitability
7. Repay the Loan
- Make timely repayments based on agreed terms to maintain good credit and qualify for future funding
Frequently Asked Questions (FAQs)
Q1: Do I need collateral to apply for the AGSMEIS loan?
No. One of the biggest advantages of this scheme is that it is collateral-free.
Q2: What is the current interest rate?
The loan attracts a subsidized interest rate of 5% per annum.
Q3: Can I use the funds however I like?
Not entirely. While working capital is accessible through your NMFB account, equipment and machinery purchases will be managed by approved vendors to ensure proper utilization of the funds.
Q4: What happens if my BVN verification fails?
Try swapping the order of your names during BVN input. If the issue persists, contact your bank to verify how your name is registered.
Q5: Who is eligible for this loan?
All Nigerian citizens with viable business ideas in sectors such as agriculture, trade, creative industry, ICT, and services can apply—especially if they are trained by an approved EDI.
Q6: Has loan disbursement started?
Yes. Over ₦95 billion has already been disbursed to beneficiaries across the country, and disbursements are ongoing.
Q7: How long does it take to receive the loan after applying?
Timelines vary, but you can typically expect disbursement within a few weeks after completing training and submitting your application, provided all requirements are met.
Q8: How do I find a certified EDI?
You can find the list of certified Entrepreneurship Development Institutes on the AGSMEIS portal or ask NMFB branches for guidance.
Final Thoughts
The AGSMEIS Loan Scheme offers a practical solution for Nigerian entrepreneurs seeking funding without the hurdles of collateral and high-interest rates. If you’re serious about building or expanding a business, this is your chance to get the financial support you need to succeed.
Take action now—visit agsmeisapp.nmfb.com.ng and start your journey to business growth today.