As an agricultural business owner, you can be a beneficiary of the CACS N200 billion Fund. This facility was established by the CBN and Federal Ministry of Agriculture to fast track the development of the agricultural sector in Nigeria by giving loans support to businesses like yours.
Features
Benefits
Who Can Apply
Required Documents
To apply for any of our facilities contact the Agric Finance Desk through Email on:
agric@firstbanknigeria.com
Frequently Asked Questions
1) What is the scheme about?
- Special credit intervention fund of N200billion created by the Federal Government of Nigeria through the CBN to fast track the development of the agricultural sector.
2) Who Can Participate?
- Medium or Large Scale Commercial Farms involved in cultivation of crops, rearing of livestock, fisheries, etc.
- Limited Liability companies involved in the entire value chain of agricultural production, storage, processing, marketing and enterprise development.
- State Governments and the FCT (for on-lending).
3) What is the interest rate?
- Maximum of 9% all-in
4) How do I qualify for this facility?
- Your project should not be a start-up.
- For private entities, you must have minimum asset base of N50million (excluding land).
- For State Government, Irrevocable Standing Payment Order (ISPO)is required.
5) What are the required documentations?
- Formal application for a credit Facility.
- Certificate of Incorporation.
- Memorandum and Article of Association.
- Board Resolution to Borrow.
- Feasibility Study/Business Plan.
- For State Government, list and addresses of co-operatives and farms should be included.
Other documentations are requested after project visit.
6) Can a business name apply?
- You have to be a registered incorporated company having a management structure with minimum experience of 3years.
7) Can I apply at any branch?
- Yes, you can walk in to the nearest FBN branch to apply.
8) How soon can I get my loan approved?
- This depends on different variables like; your business plan, cash flow, swift provision of accurate documentations and adequate collateral.
9) How soon can I get the facility after approval?
- This depends on duration of receipt of funds from CBN after due diligence.
10) Can I get a longer tenor for my facility?
- Tenor is not fixed, it however depends on cash flow projections.
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