Are you a small business owner searching for a collateral-free loan or quick online loan for your business? You can now get a free loan to run your small business using this collateral-free loan medium which is in partnership with the Federal Government.
To start a business, whether small or big, you need capital but often time people find themselves in a situation where there’s no capital to start off their businesses and end up dropping that business for something else, most time a paid job but that won’t be the same again.
Every Nigerian is now entitled to a collateral-free loan thanks to AGSMEIS (Agri-Business/Small and Medium Enterprise Investment Scheme), an initiative in partnership with the Micro Finance Bank to support the Federal Government’s efforts, and for the promotion and propagation of agricultural businesses and other small/medium enterprises (SMEs) in order to create sustainable development and employment.
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This collateral-free loan platform will create an enabling environment for Nigerians with great business ideas to set up a successful business, not only does the organization help an individual with a loan they also train individuals in the business field and help set up a good business plan before offering the capital needed to start the business.
Collateral-Free Loan – How Does it Work?
Before you can actually get the loan, you need to get trained by first selecting a CBN-Certified Entrepreneurship Development Institute (EDI), which would be listed during your application process.
Once your training is complete, you’ll have to apply for the loan using EDI guides to secure the loan, if qualified, the loan will be paid into your account.
More interestingly, you’ll be assisted by the Entrepreneurial Development Institute to implement your business plan as I mentioned earlier. You can then sell your products in preparation to pay back the loan.
Where Can I Apply?
If you are interested and need a quick loan for your business, click here to begin your application process.
Frequently Asked Questions
What is the Interest Rate for this Loan?
Ans: The interest rate for this loan is 5% per annum.
Do I need Collateral?
Ans: NO, this loan scheme does not require collateral.
How long will it take to receive the funds?
The entire process from application submission to disbursement takes six(6) to eight(8) weeks.
Has disbursement started?
Yes, AGSMEIS has disbursed over N1.9B and this is still ongoing.
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