Apply for CBN CACS Loan Through FirstBank Agric Credit Scheme
Thursday 21 December 2023
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In a bid to foster the growth of Nigeria's agricultural sector, the Central Bank of Nigeria (CBN) has partnered with the Federal Ministry of Agriculture to introduce the Commercial Agriculture Credit Scheme (CACS). This initiative aims to provide financial support to medium and large-scale commercial farms, limited liability companies engaged in agricultural activities, and state governments. If you're involved in the agricultural sector and seeking additional funding, here's a step-by-step guide on how to apply for the CBN CACS loan through FirstBank.
Commercial Agriculture Credit Scheme (CACS) Overview:
The CACS is a robust loan program designed to accelerate improvements in Nigeria's agricultural sector. With a substantial fund of N200 billion available for disbursement among successful applicants, businesses in the agricultural industry stand to benefit significantly. CONTINUE READING.....
Key Features of CACS Loan:
- Medium and large-scale private businesses have a maximum obligor limit of N2 billion, while state governments have no limit.
- Private sector entities must possess at least N50 million worth of farm assets, excluding the cost of farmland.
- State Governments require an Irrevocable Standing Payment Order.
Benefits Attached to CACS Loan:
Successful applicants can enjoy a reduced interest rate of nine percent (9%), and the funds will be available from 2021 to 2025.
Those Qualified to Apply:
- Medium and large-scale commercial farms involved in livestock rearing, cultivation of crops, fishery, etc.
- Limited liability companies engaged in agricultural production, processing, marketing, storage, and business development.
- State Governments. CONTINUE READING.....
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Requirements for CACS Loan Application:
To initiate the application process, applicants need to provide the following documents:
1. Formal application for the loan.
2. Article of Association and Memorandum.
3. Certificate of Incorporation.
4. Business Plan.
5. Board Resolution to Borrow from the scheme.
How to Apply for FirstBank/CBN CACS:
1. Contact the Agric Finance Desk via Email: agric@firstbanknigeria.com.
2. Fill out the online form directly on the official portal: FirstBank Contact Us.
Next Steps After Document Collation:
Once you have gathered all the necessary documents, either walk into any FirstBank branch nationwide or email agric@firstbanknigeria.com for further assistance.
For a more detailed understanding of the application process and the required documents, visit FirstBank's official page.
Embark on your journey to securing the CBN CACS loan through FirstBank Agric Credit Scheme and take your agricultural business to new heights.
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