Get the 2022 CBN Loan scheme (3 million each)

In this post, we detailed all you need to know about the N-YIF CBN loan scheme. You will know who is eligible, the requirements, steps to apply and get the loan, centers where you can go for the training.

Framework of the CBN loan scheme

The loan is called the (AGSMEIS)  Agribusiness/Small and Medium Enterprise Investment Scheme. It’s an initiative of the Federal Government, through the FEDERAL MINISTRY OF YOUTH AND SPORTS DEVELOPMENT. Hence, it is also called Nigeria Youth Investment Fund (N-YIF). 

The initiative is  for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation

The loan is to be disbursed by NIRSAL Microfinance Bank (NMFB), to be monitored by the Central Bank of Nigeria (CBN) while the CBN Entrepreneurship Development Institute  (EDI) will handle the all the necessary trainings.

The loan scheme runs till 2023, with 25 billion disbursed each year.

Note: This is a loan scheme and not a grant. As such, you will have to pay it back in due time, with the attached interest.

Who is eligible for the Loan + Requirements

Formal (CAC Registered) and Informal (Non-registered) business enterprises can  benefit from the scheme.

For individuals (Non-registered businesses)

To be eligible, they must fulfil the following conditions:

• —Be a youth within the age bracket of 18-35 years.
• —Have business/enterprises domiciled and operational in Nigeria.
• —Has not been convicted of any financial crime in the last 10 years.
• —Has a valid Bank Verification Number (BVN)
• —Possess Local Government Indigene Certificate.

For the formal business enterprises (Youth Owned  Registered Businesses)

These are legal business entities duly registered with the Corporate Affairs Commission (CAC). To be eligible, the following documents and conditions must be fulfilled;

• —Business must be owned by  a youth of age bracket 18 – 35 years
• —Evidence of registration with the Corporate Affairs Commission (Certificate of Incorporation, CAC CERTIFICATE)
• —Business questionnaire;
• —List of Directors with BVN nos. (for Ltd companies only);
• —Evidence of regulatory approvals (where applicable);
• —Tax Identification Number (TIN).

Cooperative societies duly registered with the relevant government authorities and members of Commodity Associations that fall within the eligible age bracket are also eligible to participate.

Who is not eligible for the CBN Loan

Any applicants currently enjoying NMFB loans, including the Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS) loans that remain unpaid are not eligible to apply.

How much is given per applicant ?

Individuals with unregistered businesses can get up to N250,000 loan, while registered businesses can get up to N3 million (including working capital) with not more than 5 per cent per annum interest rate.

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Steps to apply for the CBN loan scheme

1. Get Trained

Attend a compulsory training with a NIRSAL MFB certified Entrepreneurship Development Institute (EDI). We have listed the approved training centers after this post.