How To Apply For An Unsecured CBN Loan For Small Business »Financial Watch Française |


How to Apply for a CBN N10,000,000 Unsecured Small Business Loan – The Central Bank of Nigeria provides unsecured loans of up to 10,000,000 naira (ten million naira) to small businesses under a program called; Agriculture / Small and Medium Enterprise Investment Program (AGSMEIS) – Apply for a Loan Here!


The program supports government policy measures for the promotion of agricultural enterprises, micro, small and medium enterprises (MSMEs) as vectors of sustainable economic development and job creation.

Plan objectives

The objectives of the Plan are to:

  1. Improve access to affordable and sustainable finance for agribusiness, micro, small and medium enterprises (MSME)
  2. Create employment opportunities in Nigeria
  3. Strengthen the management capacity of agribusinesses and MSMEs to transform enterprises into large organizations in line with the federal government’s agenda to develop the real sector and promote inclusive growth.

Activities covered by the Plan

  1. Businesses along the agricultural value chain, covering production, inputs

supply, storage, processing, logistics and marketing.

  1. MSMEs of the real sector, including manufacturing, mining and petrochemicals.
  2. MSMEs in the service sector, including information and communication technologies (ICT) and the creative industry.
  3. Other activities that the Central Bank of Nigeria (CBN) may determine from time to time.


Funding under the program will be intended for the start-up, expansion of businesses or the revival of businesses in difficulty and must comply with the provisions of BOFIA (1991) as amended. The loan conditions will be as follows:

  1. Loan limit: N10,000,000
  2. The interest: 5% per year
  3. Tenor: Up to 7 years (depending on the nature / gestation period of the project)
  4. Moratorium: Maximum of 18 months for principal and 6 months for interest.

AGSMEIS LOAN DIAGRAM VIA CBN EDI Documentation Requirements

Micro, small and medium enterprises:

  1. Completed application form
  2. Bank Verification Number (BVN)
  3. Training certificate from a recognized institution for the development of entrepreneurship (EDI) or proof of membership of an organized association in the private sector. for example EDI,Lagos Business School, House of Tara, Fate Foundation, Thrive Agric etc. to access the loan
  4. Letter of introduction from one of the following members, clergy, village chief, district chief, traditional chief, high official, etc. (for individuals / micro-businesses only).
  5. Proof of business name registration or certificate of incorporation and filing of annual reports (if applicable) in accordance with the provisions of the Companies and Related Affairs Act (1990).
  6. Current tax identification number (TIN) and customs clearance certificate (TCC), if applicable

Application process

Micro, small and medium enterprises:

  1. Sign up with a CBN certified EDI for a week-long training
  2. Eligible applicants must collect and submit a completed EDI request form
  3. EDI will collate, assess and submit requests to CBN.
  4. CBN will review the application and invite applicants for interviews
  5. After approval, the CBN will approve the loan and disburse to the necessary suppliers, if applicable

I will be posting a full list of approved CBN Entrepreneurship Development Institutions (EDIs) across Nigeria, check out my next post.

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trade move involves risk. You should do your own research before making a decision.

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