Do you want your business to grow but cannot find the means to access funding? Then this Independence Day gift from National Microfinance Bank is just for you. As Nigeria celebrates its 59th anniversary, the Bank has announced a call to Small and Medium Enterprises (SMEs) across Nigeria to access the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS); an initiative to by the Banker’s Committee and the Central Bank of Nigeria to support the Federal Government's efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.

Through the AGSMEIS, National Microfinance Bank offers loans of up to N10m to SMEs who want to build or grow their business and also supports their growth with business training delivered by Entrepreneurship Development Institutes and Centres (EDIs) which also guide and assist SMEs in getting all necessary documents required to secure loans from the scheme. According to the CBN Governor, Godwin Emefiele, during an event earlier in the year SME operators can access AGSMEIS loans without necessarily providing any collateral. He added that “The asset that we are financing for them will act as the collateral. That collateral will be registered in our national collateral registry as something that is eligible to serve as collateral or security for a loan that has been taken”

With Nigerian SMEs battling the effects of an economy just getting out of recession, access to finance remains one of the major impediments for their growth and the effects of this goes a long way to increase Nigeria’s unemployment figures. With the AGSMEIS, National Microfinance Bank believes it can help SMEs grow their business and offer them much-needed business training to scale their operations and compete with global counterparts.

The National Microfinance Bank is a leading Nigerian financial institution licensed by the Central Bank of Nigeria (CBN) in Nigeria. The Company was incorporated as a Private Limited Company in 2019 and commenced operations following the grant of a licence by the Central Bank of Nigeria to operate as a National Microfinance Bank in the same year. It is Owned 50% by the Bankers Committee, 40% by NIRSAL and 10% NIPOST. So far the bank has disbursed approximately 776 million in loans to eligible SMEs under the AGSMEIS.

The AGSMEIS loans are available to SMEs across the Information Technology, Creative, Arts, Industrial, Agricultural, Manufacturing and hospitality industries. Loans amounts can be as much N10m and the annual interest rate is set at a single-digit 5% rate to put more ease on entrepreneurs. Interested SMEs and entrepreneurs can apply now at www.nmfb.com.ng/sme or visit any of the 56 National Microfinance Bank branches nationwide. An additional 718 branches of the bank will be opened soon.

Osinachi1:
Good.

I'm an SME
Check my siggy

donfineboy:
Good morning nairalanders I need your help, i am a student and I currently do not have any money to eat,I would really appreciate any help I get. 3030845813 Polaris bank .this is a screenshot of my account balance

Cmeo:
The ownership structure of this National Microfinance Bank is wrong.

They could have allowed 10-20% of the shareholding to be with the public. With the current structure of 50% for bankers committee, 40% for CBN and 10% for Nipost.

What this still mean is that SME are still at the mercy of these commercial bankers, whose interest is theirs only and give loans to those close to them only, never to be paid again with CBN bailing them out with our collective fund/tax and never to paid back again.

National Microfinance Bank is still the same wolf � in the sheep � clothing.

Jabioro:
The loan has been share to their cronies..if you are not part of them or share the money upfront you will never get qualified....

Marvin67:


You're wrong sir. It's is owned by bankers committee, nirsal and nipost .

The bank was set up to provide a remedy to the wrong commercial banks have done to SME's in the past . The essence of creating is to grow business of SME's.

Your last paragraph is also very wrong . The way the loans are structured, you can't take money and not invest it. The money goes to your business and vendors not directly to you.

I'd be willing to give you more information if you're interested

Marvin67:


False . Very false .

delvzy:
You just look at this and say it's a good idea but when the economy is as bad as this then this approach is a sham.
take for instance you loan this SME,'s funds with increasing interest without considering the marketing space on a long run.
You people need to start considering marketing strategies for this start-ups to be able to repay the loan on time and don't see it as a waste.

safariman:
The steps are in wrong order. Step 5 (Business plan) should come before obtaining a loan. How do you know how much you need to fund your growth without first forecasting your profitability, cash flow projections, uses of loan proceeds and eventual repayment program?
As a former banker, the rate of failure or default with these types of loan is extremely high, but at least some will benefit and help the economy.

donfineboy:
Good morning nairalanders I need your help, i am a student and I currently do not have any money to eat,I would really appreciate any help I get. 3030845813 Polaris bank .this is a screenshot of my account balance

OEPHIUS:


https://thepunditng.com/national-microfinance-bank-supports-smes-with-independence-day-gift/

Premiumwriter:
use loan app, collect loan and work after to pay back

Godsplan115:
suggest one that doesn't require Bvn and employment status

Premiumwriter:
you have bvn so what are you making the fuss about?

Branch, quickcheck don't care about employment status. I'm a student and I use both when I'm down on cash