Application is now open for AGSMEIS Non Interest loan. The Non-Interest Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS-NI) is a federal government intervention funding scheme through CBN that is intended to promote agricultural businesses to spur economic development and employment generation in the country.
The non-interest product is an alternative to the existing AGSMEIS program that is based on Islamic principles of financial transactions using products such as Murabaha and Ijarah. It is a term financing specifically introduced for the financing of equipment, raw materials, and working capital.
The financing limit is N10,000,000.00 for a tenor of up to 7 years (depending on the nature/gestation period of the project). Applicants may in addition enjoy a moratorium of 6 months for mark-up and 18 months for the principal (a moratorium is a grace period granted to the customer by the Bank to postpone the payment).