This post is all about Agri-Business, Small and Medium Enterprises Investment Scheme (AGSMEIS) for Non-Interest Financial Institutions (NIFIs) Non-Interest Fund Application Form, how to apply and Requirements needed to get funds from AGSMEIS support team.
How does AGSMEIS Non-Interest Fund work, how can I get loan from Agri-Business, Small and Medium Enterprises Investment Scheme (AGSMEIS), what are requirements to apply successfully. These are questions we get from our viewers who wish to apply for AGSMEIS Non-Interest Fund via online.
How does AGSMEIS Non-Interest Fund works
- The CBN would create a Fund to be known as ‘AGSMEIS Non-Interest Fund’ that will be domiciled in a dedicated account with the apex bank.
- Each non-interest deposit Bank (full-fledged or window) was to set aside 5% of its Profit After Tax (PAT) annually as contribution to the Fund.
- Each non-interest Deposit Bank was also to transfer its contribution to the CBN not later than 10 working days after the Annual General Meeting (AGM) of the participating bank.
- Eligible activities under the Scheme are businesses across the agricultural value chain, covering production, inputs supply, storage, processing, logistics and marketing.
- Others included MSMEs in the real sector including manufacturing, ICT, mining, petrochemicals and the creative industry as well as other activities as the CBN may determine from time to time.
Required Documents for AGSMEIS Non-Interest Fund Loan
- Applicants duly completed application form.
- Applicants Bank Verification Number (BVN) is required
- Applicants Certificate of Training from recognised Entrepreneurship Development Institution (EDI) or evidence of membership of organised private sector association is required
- Applicants Letter of Introduction from any of the following: Clergy, Village Head, District Head, Traditional Ruler, senior civil servant etc (for individuals, microenterprises only) is required
- Applicants Evidence of registration of business name or certificate of incorporation and filing of annual returns (where applicable) in compliance with the provisions of the Companies and Allied Matters Act (1990) is required