CBN gives update about Agricultural Credit Guarantee Scheme Loan Application Form 2021/2022 and makes easier for Farmers in Nigeria to apply for Loan in CBN Branches across the Federation. Get started below:
Have you heard about CBN Agricultural Credit Guarantee Scheme (ACGS) or Agricultural Credit Guarantee Scheme Fund (ACGSF) Loan? This post will help you to know more about the Agricultural Credit Guarantee Scheme, how to apply and what is required for a successful Application.
It is a scheme managed by Central Bank of Nigeria (CBN). It provides guarantee cover to banks who give loans to the agricultural sector of the economy. This encourages the banks to provide more funding to the farmers. The Scheme has an authorized share capital of N3 billion controlled by the Federal Government (60%) and the CBN (40%)
Requirements for CBN Agricultural Credit Guarantee Scheme Loan
You must be a farmer. You must provide collateral if your loan amount is above N20,000. The collateral must be in a tangible form or in form of 25% cash security of the intended loan amount in the form of savings.
ACGS Loan Latest Updates
According CBN, Apart from the Head Office of the Central Bank of Nigeria, Development Finance Offices have been established in all branches of the Central Bank to administer the Agricultural Credit Guarantee Scheme. The Development Finance Offices are manned by Officers who function under the overall control of the Branch Controllers of the Central Bank in each branch.
The Central Bank set a single obligor limit for non-tangible collateral at N100,000, while the obligor limit for individual, group/co-operative or a corporate society is N50,000,000 (Fifty million naira only) for secured loans.
How to apply for CBN Agricultural Credit Guarantee Scheme Loan
Federal government, through the Central Bank of Nigeria (CBN) has opened Development Finance Offices in all CBN branches nationwide so as to take close the administration of the Agricultural Credit Guarantee Scheme (ACGS) to farmers in Nigeria.
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