COMMERCIAL AGRICULTURAL CREDIT SCHEME
The scheme is aimed at fast tracking the development of the agricultural sector by providing credit facilities to large scale enterprises with a minimum asset size of N50m at a single digit interest rate of 9%. This is to enhance national food security, increase food supply and affect agricultural produce and product prices, thereby promoting low food inflation, reducing cost of credit in agricultural production and enabling farmers to exploit the potentials in the sector.
Target
Specific Requirements
It must be a limited liability company with an asset base of not less than N50million and having a prospect to grow the net asset to N150million in the next three years as well as full compliance with the provision of the Companies and Allied Matters Act (1990).
It must be a limited liability company with an asset base of not less than N100 million and having a prospect to grow the net asset to N250million in the next three years as well as full compliance with the provision of the Company and Allied Matters Act (1990).
State Governments/FCT could borrow up to N1.0billion for on-lending to farmers’ cooperative societies and other areas of agricultural development.
Applications for credit facility must be submitted along with a letter of application stating amount, purpose, repayment plan and execution of an Irrevocable Standing Payment Order(ISPO) [in favor of Central Bank of Nigeria and Sterling Bank] to deduct at source, the total monthly loan repayment obligation from the State Statutory Revenue on behalf of the Bank
Other documentation/conditions as may be required by the Bank upon approval
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