How To Apply For The CBN N10,000,000 Collateral-Free Loan For Small Businesses

How To Apply For The CBN N10,000,000 Collateral-Free Loan For Small Businesses

The Central Bank of Nigeria, CBN, is giving collateral-free loans of up to N10,000,000 (Ten million Naira) to small businesses in a scheme called; Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS).


The Scheme supports governments policy measures for the promotion of agricultural businesses, micro, small and medium enterprises (MSMEs) as vehicles for sustainable economic development and employment generation.

Objectives of the Scheme

1. To improve access to affordable and sustainable finance by Agri-businesses, Micro, Small and Medium Enterprises (MSMEs).
2. To create employment opportunities in Nigeria.
3. Boost the managerial capacity of agri-businesses and MSMEs to grow the enterprises into large corporate organizations in line with Federal Government’s agenda to develop the real sector and promote inclusive growth.

Eligible sectors/businesses

1. Agriculture & Agro- allied Processing
2. Art & Entertainment
3. Automobile Services
4. Fashion and Dressmaking
5. Catering & Event Management
6. Courier & Delivery Services
7. Creative Industry
8. Apparels and Textiles
9. I.C.T
10. Cottage Industry
11. Media
12. Publishing
13. Telecommunications
14. Hospitality
15. Health Services
16. Welding and Fabrication
17. Animal Husbandry
18. Cosmetics, Beauty and Makeup Artistry
19. Electrical and Electronics
20. POP and Tiling
21. Carpentry
22. Masonry
23. Kerbs and Electric Pole making


Financing under the Scheme shall be for start-ups, business expansion or revival of ailing companies. The terms of the loans shall be as follows:

Loan amount: Up to N10,000,000

Interest: 5% per annum

Tenor: Up to 7 years (depending on the nature/gestation period of the project)

Moratorium: Maximum of 18 months for principal and 6 months on interest.

Eligible applicants shall pick-up and submit a completed application form to the EDIs

To access the AGMEIS loan, there are some conditions that must be met:

1. Interested Applicants must undergo a one week training by a CBN certified Entrepreneurship Development Institution (EDI)

2. Interested Applicants will apply for the loan through the CBN accredited EDI

3. The application will then be sent to CBN for processing.

4. Applicants will be called for an interview regarding their business.

5. Those qualified will be contacted and given the loan.

6. Fill clearly the form with all the details required, sign and get them authenticated by the EDI. The application form can be accessed via:

Requirements either during application or before final approval/disbursement

1. Registered business with CAC (for those applying as a company)
2. Evidence of tax payments (for those applying as a company)
3. BVN
4. Letter of Introduction
6. Certification by an a CBN certified EDI
7. Passport photo of you and guarantor
8. Valid ID card
9. A Business Plan

Those qualified to write letter of introduction for you are:

1. Your Pastor
2. Chief Imam
3. LGA Chairman
4. CDA Chairman
5. Village Head
6. Senior Civil Servant Level (min of level 14)
7. MD of Blue Chip Companies

Your friend or spouse can write the guarantor letter.

Important note:

70% of approved loan amount shall be paid to you through invoices for equipments and machines needed to run your business, while 30% is paid in cash as working capital.

You have to attend a compulsory one week training with a CBN certified Entrepreneurship Development Institute (EDI).

The EDI also guides and assists you in getting all necessary documents required to secure the loan, including a business plan.

The EDI shall collate, appraise and submit applications and business plans to CBN for Applicants.

Due to COVID-19, most of the EDIs are conducting the one week training online as follows:

Training fee: N10,000
Business Plan, support services & uploading of documents to CBN portal: N15,000

Total: N25,000

You can also pay N20,000, instead of N25,000, if you’re a member of and save N5,000, as Club080 has negotiated a N5,000 discount with one of the EDIs in Abuja, to train its members across Nigeria.

You can pay your training, business plan and support services fee to bank detail below and send evidence of payment via SMS or WhatsApp to 08062623609.

Potech Integrated Services Ltd.
Access (Diamond) Bank: 0028652769

After payment, you will be guided and scheduled for training immediately.

Dominic Nwodo

One Of The Best Content Creator/Blogger In Nigeria. ?DM Me For Business 08109211747

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