How to Apply for CBN CACS Loan through FirstBank| Direct Link to Apply
If you are engaged in the agricultural sector and are seeking additional support for your business, the Commercial Agriculture Credit Scheme (CACS) offered by the Central Bank of Nigeria (CBN) in collaboration with the Federal Ministry of Agriculture could be a valuable opportunity. This guide will walk you through the process of applying for the CBN CACS loan through FirstBank.
Commercial Agriculture Credit Scheme (CACS) Overview
The CACS is a loan program designed to support and expedite improvements and development in Nigeria’s agricultural sector. With a total fund of two hundred billion naira (N200,000,000,000) to be disbursed among successful applicants, businesses in the agricultural sector can benefit from this initiative.
Features of CACS Loan:
- The maximum obigor limit for medium and large-scale private businesses is two billion naira (N2,000,000,000), while State Governments have no limit.
- Private sector entities must have at least fifty million naira (N50,000,000) worth of farm assets, excluding the cost of farmland.
- State Governments require an Irrevocable Standing Payment Order.
Benefits Attached:
- Reduced interest rate of nine percent (9%).
- Availability of funds from 2021 to 2025.
Those Qualified to Apply:
- Medium and large-scale commercial farms involved in livestock rearing, cultivation of crops, fishery, etc.
- Limited liability companies engaged in agricultural production, processing, marketing, storage, and business development.
- State Governments.
Requirements for CACS Loan Application:
- Formal application for the loan.
- Article of Association and a Memorandum.
- Certificate of Incorporation.
- Business Plan.
- Board Resolution to Borrow from the scheme.
How to Apply for FirstBank/CBN Commercial Agriculture Credit Scheme (CACS):
- Contact the Agric Finance Desk via Email: agric@firstbanknigeria.com.
- Fill the online form directly on the official portal: https://www.firstbanknigeria.com/business/agriculture/commercial-agriculture-credit-scheme/
By following these steps, you can initiate the application process for the CBN CACS loan through FirstBank and potentially access the financial support your agricultural business needs.
