CBN Agricultural Credit Guarantee Scheme Fund Application – This is an initiative of the federal government to empower farmers.
The Agricultural Credit Guarantee Scheme Fund was established by decree No 20 of 1977 and began operation in 1978. Its original share capital and paid-up-capital were N100 million and N86.9 million respectively. The federal government holds 60%, and the central Bank of Nigeria has 40% of the shares.
The capital base of the scheme was increased N3 billion in March of, 2001. The funds guarantee credit facilities extended to farmers by banks up to 75% of the amount in default.
CBN Agricultural Credit Guarantee Scheme Fund – Application can be done under two categories. The two categories are the standardized platform to apply for the Agricultural Credit fund.
Agricultural Credit Support Scheme (ACSS)
This is the first category the application can be done. Agricultural Credit Support Scheme is verified for robust application process. This also is an initiative of the federal government and the central bank of Nigeria. This is made achievable due to the support and participation of active banks committee.
This was birthed for farmers to exploit the untapped potential of Nigeria Agricultural sector. A whooping sum is available for farmers to access under this category.
CBN Agricultural Credit Guarantee Scheme Fund Application – Commercial Agricultural Credit Scheme
Under this category, the Central Bank, partner Nigeria federal ministry of Agriculture and water resources and make funds available. Abundance funds are available for Nigeria Agricultural sector for farmers to access. The Agricultural value chain is stronger and better as a result of commercial Agricultural credit scheme.
How To Apply For CBN Agricultural Credit Guarantee Scheme Fund Application
The application form is made available under several Scheme at any branch of participating banks nationwide and FCT. Application are access under these viz;
. Application for credit facilities
. Application for guarantee
. Application for Enhancement
. Application for Extension
. Notice of default
. Guarantee claims
. Annual returns
Interested applicants can visit any participating and apply or click the link to apply.