The Federal Government of Nigeria has commenced disbursement of agricultural loan under the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) to thousands of applicants across the Federation, Starnews Nigeria has learnt.

Starnews Nigeria reports that the disbursement began on Tuesday, July 27, 2021.

Many applicants of the Scheme who had completed all the processes for accessing the fund, confirmed to Starnews Nigeria to have received notifications of disbursement via SMS while some beneficiaries confirmed that their loans have been credited to their Bank Accounts.

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Applicants are advised to check their dashboards to confirm their loan approval. Those who applied are to check their loan status by visiting, entering their Bank Verification Number (BVN), and clicking on the “Validate” button.

The disbursement which started on Tuesday will last till September, Starnews Nigeria can report

The Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS Loan) is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.

In the scheme, an interested applicant can access up to N10 million long-term loan without Collateral at 5% interest per Annum till 28th February 2022, then a 9% interest rate for the rest of the duration. It usually comes with 12 Months Moratorium.