Details Of You Can Apply For CBN CACS Loan Through First Bank Of Nigeria
The Commercial Agriculture Credit Scheme (CACS) is a loan scheme established by a dual collaboration of the Central Bank of Nigeria (CBN), and the Federal Ministry of Agriculture to support and fast track the improvements/development of the agricultural sector of the country.
This means that anyone 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 disbursed among successful applicants. Also, check How to apply for a CBN CIFI loan through GTBank.
Features of CACS loan
- The maximum limit for medium and large-scale private businesses is two billion naira (N2,000,000,000) while State Governments have no limit.
- Any private sector entity that wishes to participate must have at least fifty million nairas (N50,000,000) worth of farm assets. This should not in any way have the cost of farmland attached to the base worth.
- In the case of the State Government, Irrevocable Standing Payment Order is required.
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- A reduced interest rate of nine percent (9%), a 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 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.
- State Governments.
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 contact the Agric Finance Desk via Email or fill the online form directly on the official portal.
The email address is firstname.lastname@example.org while the link to the online contact form is https://www.firstbanknigeria.com/contact
Source; Daily Report Nigeria