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CBN N3m Collateral-free Loans for Small Businesses & Individuals

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CBN N3m Collateral-free Loans: On this page, you will learn How to access up to 3 Million Naira collateral-free CBN loans for Small Businesses and Individuals.

The Central Bank of Nigeria is giving collateral-free loans of up to N3,000,000 (Three million Naira) to small businesses in a scheme called; Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS).


The Scheme supports governments policy measures for the promotion of agricultural businesses, micro, small and medium enterprises (MSMEs) as vehicles for sustainable economic development and employment generation.

Objectives of the CBN N3m Collateral-free Loans for Small Businesses & Individuals Scheme

– To improve access to affordable and sustainable finance by Agri-businesses, Micro, Small and Medium Enterprises (MSMEs

– Create employment opportunities in Nigeria

– Boost the managerial capacity of agri-businesses and MSMEs to grow the enterprises into large corporate organizations in line with the Federal Government’s agenda to develop the real sector and promote inclusive growth.

Eligible sectors/businesses

1. Agriculture & Agro-allied Processing
2. Art & Entertainment
3. Automobile Services
4. Fashion and Dressmaking
5. Catering & Event Management
6. Courier & Delivery Services
7. Creative Industry
8. Apparels and Textiles
9. I.C.T
10. Cottage Industry
11. Media
12. Publishing
13. Telecommunications
14. Hospitality
15. Health Services
16. Welding and fabrication
17. Animal Husbandry
18. Cosmetics, Beauty and Makeup Artistry
19. Electrical and Electronics
20. POP and Tiling
21. Carpentry
22. Masonry
23. Kerbs and Electric Pole making

How to Access CBN N3m Collateral-free Loans for Small Businesses & Individuals.


Financing under the Scheme shall be for start-ups, business expansion or revival of ailing companies. The terms of the loans shall be as follows:

  • Loan amount: Up to N3,000,000
  • Interest: 5% per annum
  • Tenor: Up to 7 years (depending on the nature/gestation period of the project)
  • Moratorium: Maximum of 18 months for principal and 6 months on interest.

Eligible applicants are to apply through EDIs

To access the AGMEIS loan, there are some conditions that must be met:

1. Interested Applicants must undergo business training by a CBN certified Entrepreneurship Development Institution (EDI)

2. Interested Applicants will apply for the loan through CBN accredited EDIs

3. The application will then be sent to CBN for processing by the EDI

Requirements either during the application or before final approval/disbursement

  1. BVN
  2. Certification by a CBN certified EDI
  3. Passport photo of you and guarantor
  4. Valid ID card
  5. Business plan written by an EDI

Important note:

The EDI also guides and assists you in getting all necessary documents required to secure the loan, including a business plan.

The EDI shall collate, appraise and submit applications and business plans to CBN for Applicants.

Due to COVID-19, EDIs training can also be done online as follows:

Training/Processing Fee: N30,000

The fee covers mandatory Training, Writing of Business plans, other support services such as uploading your documents to the CBN portal, etc.

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