What you need to know about NMFB AGSMEIS Loan Scheme
GoldenNewsNg gathered that the Federal Ministry of Youth and Sports Development has opened a new application form and registration ports.
The Agri-business, Small and Medium Enterprise Investment Scheme (AGSMEIS) is an initiative created to support the federal government effort in promoting/enhancing agricultural business and SMEs to provide sustainable economic development and employment.
Frequently Asked Questions and Answers about AGSMEIS Loan
Below are the frequently asked questions about AGSMEIS loan;
Question: How can I get access to the loan?
Answer: Applicants who are interested are to visit the AGSMEIS loan application portal to create an account that will enable them commence with the application process, or visit any of the Nirsal Microfinance Bank Certified EDIs for guide.
Questions: What is the interest rate for this loan?
Answer: The rate of interest is currently at 5% yearly.
Questions: Is collateral needed?
Answer: Not at all, the loan scheme does not need collateral
Questions: Have they Started disbursement?
Answer: Yes, we have started disbursement, and over ninety-five billion naira (N95,000,000,000) have been disbursed so far, and the disbursement is still ongoing.
Questions: Upon the approval of my loan can I still get the fund as I deem fit?
Answer: No, your approved loan amount will be disbursed to your Nirsal Microfinance Bank accounts. Purchases of machinery will be handled by one of the certified vendors from the NMFB’s while the accessing of your working capital fund will be done through your account for withdrawal, upon the meeting of all conditions and terms.
Questions: How can I get the link to access AGSEMEIS loan?
Answer: The link for the application is https://agsmeisapp.nmfb.com.ng
How does NMFB AGSMEIS Loan work
The steps below are ways to get access to AGSMEIS loan to start and also grow your business:
- You must get Trained: Attend important, or compulsory training with a CBN-Certified EDC.
- Apply for the loan: Attend training which is compulsory with a CBN-Certified EDC.
- Receiving of funds: loans are paid to the beneficiaries account. candidates who are not qualified are given feedback.
- Get Supportive service from Business:The Entrepreneurship Development institute helps you to implement a plan on business and also provide support service to business commercially.
- Making of sales: You can sell products and render services inorder to pay back loans and make profit.
- Repayment of loan: When running your business keep proper records , monitor sales, and expenses in-order to make maximum profit and re pay loan.
You can now access affordable loans to start and grow your business with NMEFB, your true MSME partner An initiative for suitable employment generation and development.
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