Apply or Get Agricultural Credit Support Scheme (ACSS) from First Bank in Nigeria By Yourself
- In order to apply for Agricultural Credit Support Scheme (ACSS) from First Bank in person, applicants must visit any branch in the vicinity or branch of First Bank of Nigeria.
- The customer can look up the closest First Bank branch by using the Link to Branch Locator: Link
- Visit the branch of the bank and fill out an application to fill out or request an application for Agricultural Credit Support Scheme (ACSS) from the department responsible for the. Click here to download: Link
- Complete the application form by providing the essential information and the details required under the respective sections.
- Complete the form, and attach the supporting documents within the “Required documents” section of this page.
- Send the application to the appropriate authority in the appropriate office.
- If you need more than N20,000.00 You must make sure you have collateral for the amount of loan required, in the event that it is appropriate.
- Following submission, the internal processing of the application and the verification of the documents attached by the appropriate officials will begin.
- If all documents are found to be in order The applicant will be provided with an answer on the approval or rejection for the submission.
- If your application was approved, your account at the bank should be debited with the amount within the specified time following when you received your approval.
- The applicant may get any information about the status of his/her application at the place where the application was submitted.
- In addition, you’ll require insurance that is provided by your insurance provider, the Nigerian Agricultural Insurance Corporation (NAIC). Contact information and address are available in the link below: Link
Documents Required For Apply or Get Agricultural
- The completed application form
- Specifics of Directors (LLC)
- A copy of the Memorandum as well as Articles of Association (LLC)
- Certificate Of Incorporation (LLC)
- Names of partners/sole proprietors (Business name)
- Copies of Registration Certificate and the partnership
- Balance sheet
- Board Resolution
- Feasibility Report
- Three-year audited accounts
- Statistics on Accounts
- Cash Security
- Proof of Stocks, Machinery Insurance
- Director’s Guarantee Form
- Guarantor’s Form
- Costs of the project, and anticipated output returns
- The project’s profitability
Office Locations and Contacts
First Bank of Niger Ltd., Head Office Address,
Samuel Asabia House,
35, Marina,
P.O. Box 5216,
Lagos,
Nigeria.
Tel: +234 708 062 5000, +234 1 905 2326, +234 1 448 5500
Email: firstcontact@firstbanknigeria.com
Central Bank of Nigeria,
Plot 33, Abubakar Tafawa Balewa Way,
Central Business District,
Cadastral Zone,
Abuja, Federal Capital Territory,
Nigeria.
Phone: +234 700 225 5226
Email: contactcbn@cbn.gov.ng
Web site: Link
CBN branch offices: Link
What are all the Eligibility
- The applicants who are eligible include large-scale farmers, active farmers, and entrepreneurs from the agro-allied sector with the means.
- The entity applying for the loan must have an a bank account with First Bank of Nigeria.
Fees
The process is typically at no cost.
Validity
It’s contingent on the forecasts of cash flow.
Documents to Utilize
Formulary for application: Link
Instructions
- The application form must be completed in two copies and should be accompanied by two passport-sized photos.
- The application must be sent by the bank branch that is the lending institution where the facility is requested.
- Agro-allied entrepreneurs and farmers who have the means to seek out their banks for loans through their state chapter of the farmers’ associations as well as State Implementation Committees whereas large scale farmers can be permitted under the program to directly apply to banks.
- If your loan request exceeds N20, 000.00, the lending institution will ask the submission of collateral. The collateral can be in physical form or in the form of cash in the amount of 25% as security for the amount of loan.
- You are still able to get the loan amount of N20,000.00 and less, which is accompanied by an individual guarantee from an reputable person within your locality or over N20,000.00 by being an active member of a Self Help Group or Cooperative Society.
The Information You Need
- Name of applicant
- Age and date of birth
- Address of residence of the farmer
- Contact information and an email address
- Address of the company
- Occupation
- The name of the banker and the address
- Information about the security provided
- The dimensions of the farms
- Other details about the farm
- Income/Expenditure details
- Particulars about banking
Documentation is needed
ACSS was established to let farmers to tap into the potential of Nigeria’s agricultural sector. lower inflation, reduce the cost of production (i.e. food items) and generate surpluses to export, enhance the country’s foreign earnings and also diversify the income sources.
Information that could be helpful
- ACSS ACSS was conceived by the Federal Government and the Central Bank of Nigeria with the active participation and support by The Bankers Committee. The Scheme is governed by a prescribed amount of N50.0billion.
- ACSS funds are paid out to farmers and entrepreneurs with agro-related interests with a single-digit rate of interest which is 8.0 percent. As soon as the project, banks offer loans to eligible applicants at a 14.0 percent interest rate.
The applicants who repay their loans on time are eligible entitled to a refund of 6.0 per cent, decreasing the effective rate of interest that must be paid by the farmers 8.0 percent.
Other
At the national level, the scheme is administered by an Central Implementation Committee (CIC) and it operates at Federal Capital Territory (FCT) in addition to at the State level at State and Federal levels, the Scheme is implemented through State Implementation Committees (SICs) created for the purpose of ensuring that each one of the goal of the scheme are realized without a hindrance.