Application for CBN Agricultural Loan 2021 Ongoing – Apply Here
Application for CBN Agricultural Loan 2021 Ongoing – Apply Here: The CBN Agricultural Loan came into operations on April 1978 has an original share capital of N100 million and also a paid-up capital of N85.6 million. It was established by decree No. 20 of 1977. The Federal Government holds 60% and the Central Bank of Nigeria, 40% of the shares.
The CBN Agricultural Loan is managed by the Central Bank of Nigeria and also handles the day-to-day operations of the Scheme. The Central Bank of Nigeria also handles all the Guidelines stipulate, the eligible enterprises for which guarantees could be issued under the Scheme.
How the CBN Agricultural Loan 2021 works
- CBN would create a Fund which is known as ‘CBN Agricultural Loan – 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 a 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.
Ways to access the CBN Agricultural Loan 2021
Applicant should be aware that the application of the CBN Fund shall be categorized into three categories which are debt, equity, and developmental components.
*The debt component shall constitute 50% of the fund which shall be disbursed as financings to eligible businesses through Non-Interest Deposit Money Banks.
*Asset purchased shall be registered with the National Collateral Registry (NCR).
*Financing limit: N10,000,000
*Mark-up: 5% per annum
*Tenor: Up to 7 years (depending on the nature/gestation period of the
*Moratorium: Maximum of 18 months for principal and 6 months on the mark-up.
CBN Agricultural Loan 2021 Requirements
- Applicant should possess a Duly completed application form.
- Bank Verification Number (BVN).
- Applicant must be in possession of a Certificate of Training from a recognized Entrepreneurship Development Institution (EDI) or evidence of membership of an organized private sector association.
- Must have a letter of introduction from any of the following: Clergy, Village Head, District Head, Traditional Ruler, senior civil servant, etc (for individuals, microenterprises only).
- Evidence of the 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).
- Applicants must be between the age of 18 and 35 years.
How to Apply Here
Interested Candidate should click the click below to apply