In this article i will guild you on how to apply for CBN loan through first bank.It was reported that The Commercial Agriculture Credit Scheme (CACS) is a loan scheme established by a dual collaboration of the Central Bank of Nigeria (CBN), and Federal Ministry of Agriculture to support and fast track the improvements or development of the farming sector of the country.
This implies that anybody who owns a business in the agricultural sector can easily become a beneficiary of the Commercial Agriculture Credit Scheme (CACS) loan, where two hundred billion naira (N200,000,000,000) funds will be paid among successful applicants.
The maximum limit for medium and large scale private businesses is two billion naira (N2,000,000,000) while State Governments has no limit.
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All private sector entity that wishes to participate must have at least a fifty million naira (N50,000,000) worth of farm asset. This should not in anyway have the cost of farm land attached to the base worth
In the case of State Government Irrevocable Standing Payment Order is expected.
Benefits Attached to CACS loan.
- A less interest rate of nine percent (9%), maximum interest that can be attached to the loans.
- Availability of funds from the year 2021 to the year 2025.
- Those Qualified to Apply for the CBN CACS Loan
- Both medium and large scale commercial farms that are into livestock rearing, cultivation of crops, fishery etc.
- Any Limited liability company that is into agricultural production, processing, marketing, storage, and development of businesses.
Requirements for CBN CACS Loan application
- A formal application for the loan.
- Article of Association and a Memorandum.
- Certificate of Incorporation.
- Business Plan.
- Board Resolution to Borrow from the scheme.
How to Apply for Firstbank/CBN Commercial Agriculture Credit Scheme (CACS)
Applicants are to reach the Agric Finance Desk via Email, or fill the online form directly on the authorized portal.
The email address is agric@firstbanknigeria.com while the link to the online contact form is https://www.firstbanknigeria.