Apply for CBN’s AGSMEIS Loan with No Collateral

If you are an entrepreneur in Nigeria and you are looking for a loan for your business without collateral then the CBN’s AGSMEIS Loan is the best option for you. This article will give you all the information needed as regards applying for this loan.

Apply for CBN’s AGSMEIS Loan with No Collateral
Apply for CBN’s AGSMEIS Loan with No Collateral

Apply for CBN’s AGSMEIS Loan with No Collateral

Nigerian business owners now have the opportunity to receive a loan without providing collateral. The Central Bank of Nigeria is offering this loan program, and it only requires a bit of training and enthusiasm. They have already disbursed over N95 billion, and the program is still ongoing. If you’re interested, you should check if this loan is suitable for your needs.

The Agri-business/Small and Medium Enterprise Investment Scheme (AGSMEIS) is a government initiative that aims to support agricultural companies and small/medium enterprises (SMEs). The goal is to create long-term economic development and jobs in Nigeria.

These loans are mainly intended for micro, small, and medium-sized businesses (MSMEs). The objective is to increase employment opportunities and foster sustainable economic growth in Nigeria.


The NIRSAL AGSMEIS loan is a joint funding program of the Central Bank of Nigeria (CBN) and the Nigerian Microfinance Bank to provide low-interest loans to the general public. This loan essentially serves as financial assistance during a pandemic.

Essentially, the AGSMEIS (Agri-Business/Small and Medium Enterprise Investment Scheme) is a business designed to support the Federal Government’s actions and policy regulations for the growth of agricultural businesses as well as small and medium-sized businesses. This program can provide you with a quick and collateral-free loan to help you grow your business.

What Are the Documents I Need to Obtain the AGSMEIS Loan?

Here are the documents needed to apply for the AGSMEIS Loan:

  • A fully filled AGSMEIS loan application form
  • Your Bank Verification Number (BVN).
  • Certificate of Training from any authorized Entrepreneurship Development Institution (EDI) or proof of membership in the standardized private sector.
  • Recommendation letter from either your Priest, district chief, village head, or orthodox ruler. This document is for senior civil servants, etc. (for individuals/small businesses only)
  • Proof of your business name registration or organization registration certificate, as well as proof of yearly filing (if applicable), as required by the standard Company and Affiliate Act (1990).
  • Your Tax identification number
  • Your current holding certificate.

It is worth noting that in order to be eligible for the AGSMEIS loan, you must have completed your training at any NIRSAL-certified Enterprise Development Institute. Following that, you can complete the necessary form. This form will be sent to the CBN by your training institute. Following that, the CBN will request that your bank verify your account information and continue to evaluate you.

Eligible Businesses for the AGSMEIS Loan

Here is a list of businesses eligible for this type of loan:

  • Creative & Art Industries
  • Fashion, Beauty
  • Industrial & Manufacturing
  • Agriculture & Allied Processing
  • Apparel & Textile
  • Arts & Entertainment
  • Information & Communication Technology
  • Automobiles
  • Telecommunication
  • Hospitality
  • Media & Publishing
  • Catering & Event Management

However, Agribusinesses are mostly patronized by this scheme.

How to Apply for the AGSMEIS Loan

Here are the application steps for the AGSMEIS loan:

  • Attend a mandatory Entrepreneurship Development Institute training with a NIRSAL MFB-certified Entrepreneurship Development Institute (EDI).
  • After that, you can apply online for the loan. All you have to do is to create an account at their online portal
  • All you have to do is click the “apply now” button on their home page.
  • Click “Apply as an Applicant”
  • On the next page, verify your BVN by filling out the form given on the next page.
  • After that, click “Proceed”.
  • Follow the steps accordingly to complete your loan application.
  • Beneficiaries’ accounts are credited with loans. Candidates who are not qualified are given feedback.
  • The Entrepreneurship Development Institute assists you in commercializing your business plan and providing business support services.
  • Sell goods and services to repay the loan and profit.
  • Maintain proper records, monitor sales and expenses, and maximize profit to repay the loan.

Frequently Asked Questions

How Do I Access the Loan?

Interested applicants should go to and create an account to begin the application process, or go to any of the NMFB Certified EDIs for assistance.

What Is the Interest Rate for This Loan?

The interest rate is currently set at 5% per year.

Do I Need Collateral?

No, this loan scheme does not necessitate the use of collateral.

Has Disbursement Started?

Yes, we have disbursed over N95 billion, and the process is still ongoing.

Upon Approval of My Loan Can the Funds Be Released to Me as I Deem Fit?

The approved loan amount will be deposited directly into your NMFB account. The procurement of your equipment or machinery will be managed by one of NMFB’s certified vendors, while the working capital can be withdrawn from your account once all terms and conditions are fulfilled.



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