The Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS) is a voluntary initiative of the Bankers committee of Nigeria approved at 331st meeting held on 9th February, 2017. The scheme requires all banks in Nigeria to set aside 5% of their annual profit after tax (PAT) annually.
The Loan is disbursed through NIRSAL Microfinance Bank.
AGSMEIS main aim is to support the federal government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.
Activities covered include:
Businesses across the agricultural value chain covering inputs supply, production, storage, processing, logistics and marketing. MSMEs in the real sector including manufacturing, mining and petrochemicals.
MSMEs in the service sector including information and communication technology (ICT) and the creative industry. Other activities as may be determined by the Bankers’ Committee from time to time. The loan has been expanded to cover all SMEs except buying and selling.
To access AGSMEIS loan, there are some conditions that must be met:
1) Interested applicant must have been trained by an Entrepreneur Development Institute (EDI)
2) Interested applicant will apply for loan via an EDI
3) The applications will then be sent to CBN for processing.
4) Applicants will be called for an interview regarding his/her business.
5) Those qualified will be contacted and given the loan.