The Bank of Agriculture (BOA) is your gateway to financial support if you’re a farmer looking to boost your agricultural enterprise in Nigeria. Whether you’re involved in poultry, fishing, piggery, horticulture, or any other aspect of farming, the BOA loan program is designed to empower you with funds. Here, we’ll delve into the types of BOA loans, the requirements, the application portal, and what you need to know to get started.
Types of Bank Of Agriculture Loans The BOA offers several types of loans to cater to the diverse needs of farmers:
- Microcredit Loans: These loans are tailored for farmers engaged in activities like fishery, horticulture, agro-processing, and livestock. Individuals and cooperative society members can access this scheme. Requirements include two guarantors, a 20% partial payment upfront, a loan amount not exceeding N250,000, a loan tenure of up to 2 years, and an annual interest rate of 12%.
- Grow and Earn More (GEM): Designed to assist women farmers in expanding their farming businesses, this scheme aims to address the financing challenges faced by many farmers. To be eligible, you must hold an account with the Bank of Agriculture office near your project for at least three months. The loan amount should not exceed N1 million, with requirements including two guarantors, a 10% partial payment upfront, and an annual interest rate of 14%.
- Small and Medium Enterprises (SMEs) Loan: This loan supports projects with an agricultural focus and offers a loan of up to N5,000,000.
How to Open an Account with Bank of Agriculture Whether you’re an individual or a business, you can open a corporate or individual account with the BOA. Here’s how to get started:
- Visit the BOA account opening page at https://www.boanig.com/account-opening-package/.
- Select your preferred account type and complete the provided form.
Documents Required to Open an Account:
- Filled and duly signed form
- A signed letter of intent addressed to the Bank of Agriculture
- Updated mandate
- Photocopy of a valid means of identification
- Copy of the most recent utility bill
- Three passport photos
- N3,000 as part payment
- Signed letter of set-off
Bank of Agriculture Loan Portal The Bank of Agriculture offers both agric and non-agricultural loan services. You can apply for a loan through the BOA loan portal at www.boanig.com/loan-service.
Contact Bank of Agriculture To reach out to the Bank of Agriculture, you can visit their physical office at No. 1 Yakubu Gowon Way, P.M.B 2155, Kaduna, Nigeria. You can also contact them via phone at +234 7040202222 or email at [email protected].
Conclusion Getting a loan from the Bank of Agriculture is a straightforward process. Once you meet the requirements detailed in this article, your loan will be disbursed to you to support your agricultural endeavors. Don’t miss out on this valuable opportunity to grow your farming business. Apply for a BOA loan today and take your agriculture to the next level.