CBN /First Bank 2021 Commercial Agriculture Credit Scheme (CACS)

• The maximum obligor limit is N2 billion for medium and large-scale private sector enterprises while there are no limits for state governments.
• As a participating private sector entity, you must have a minimum farm asset base of N50million (excluding farmland).
• Irrevocable Standing Payment Order is required in the case of State Governments.

• Single-digit interest rate (9% all-in, max).
• This fund is available till 2025.

• Medium or Large Scale Commercial Farms involved in cultivation of crops, rearing of livestock, fisheries, etc.
• Limited Liability Companies involved in agricultural production, storage, processing, marketing and enterprise development.
• State Governments and the FCT (for on-lending/special intervention to small-scale farmers).

• Formal application for a credit facility.
• Certificate of Incorporation.
• Memorandum and Article of Association.
• Board Resolution to Borrow.
• Feasibility Study/Business Plan.

To apply for any of our facilities contact the Agric Finance Desk through Email on: agric@firstbanknigeria.com

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FREQUENT ASKED QUESTION (FAQ)

 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 documentation?

• 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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