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How to Apply, Qualify and Get the Central Bank of Nigeria Small Business Loans 2020

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Access to the Micro, Small and Medium Enterprises Loans facility powered by the Central Bank of Nigeria (CBN) is still very much in active mode; and you must take advantage. The process is simple, easy, grass-root oriented and transparent. Learn how!  

The Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS) initiative is administered by NIRSAL Microfinance Bank which has a presence in most of the 774 Local Government Areas in Nigeria.

As an interventionist strategy to ensure easy access to affordable capital for Micro, Small and Medium Businesses, the CBN loans are disbursed at an annual interest rate of 5%, and with no collateral requirement - except for larger loans. The maximum loan amount you can get is ₦10 million.

See Access to Easy and Affordable Loans for Small Businesses in Nigeria for more on AGSMEIS.

To qualify, your loan request must be for the purpose of business start-up, business expansion or business revival; and must comply with the provisions of Bank and Other Financial Institutions Act (BOFIA 1991) as amended.

What Businesses are supported?
♦ Businesses in the Agricultural Value Chain, the Real Sector and the Service Sector of the economy are supported.

♦ Businesses within the Agricultural Value Chain including production, inputs supply, storage, processing, packaging, logistics and marketing are eligible to apply.

♦ Businesses in the Real Sector of the economy including manufacturing, mining and petrochemicals are eligible to apply.

♦ Businesses in the Services Sector of the economy including information and communication technology (ICT) and the creative industry are eligible to apply.

♦ Other business activities as determined by the Central Bank of Nigeria (CBN) from time to time.

(Supported Businesses include: Information Communication Technology, Telecommunication, Media and Publicity, Creative Arts, Fashion and Design, Beauty, Apparels and Textile, Arts and Entertainment, Industry and Manufacturing, Agriculture and Allied services, Processing, Welding, Hospitality, Catering and Events Planning)

Download CBN 50 Billion COVID-19 Loans Guidelines 2020

See Small Business Loan Approval - What do Banks Want to See?

How to Qualify for the Loan
Your first step is to contact and register with a Central Bank of Nigeria approved Entrepreneurial Development Institute (EDI). Thereafter, the Entrepreneurial Development Institute (EDI) will give you the needed training, information and support, as well as guide and assist you all the way until your loan is disbursed into your bank account.

For Loan applicants in Abia State, please visit any of Aba, Umuahia or Arochukwu main Post Offices to make enquires; or contact your City Chamber of Commerce, Industry, Mines and Agriculture secretariat for more information.

If you are in Aba and environs you may want to visit the Aba Chamber of Commerce, Industry, Mines and Agriculture (ACCIMA) secretariat for further guidelines; or contact Homeland Consult and Training Institute Limited at the Aba main Post Office (or call them on 08130566744) for more information.

You can also activate your Loan Application online by visiting to register and begin the application process.

To contact an Entrepreneurial Development Institute (EDI), call 08130566744.

To know more about NIRSAL Bank, visit their website at

To activate your Loan Application visit:

You may also be interested in Access to Easy and Affordable Loans for Small Businesses in Nigeria

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Stay Smart, Wealthy and Wise!

© Jay Onwukwe

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