Nigeria - Get or Apply Guaranteed Fund Credit

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Procedure

Apply In-Person:

1. To apply for getting or applying for Guaranteed Fund Credit in person, the applicant should approach any commercial bank or Central Bank branch office in Nigeria.
2. The address and contact details of the Central Bank branch offices can be found in the following link: Link
3. Click on the link, use the drop-down to select a branch name and get the address of that branch.
4. Visit the respective branch of CBN and enquire the relevant official about the commercial banks that provide Guaranteed Fund Credit or find a commercial bank that provides Apply Guaranteed Fund Credit, on your own.
5. You will have to first open an account with that particular commercial bank by following a procedure prescribed.
6. Then, proceed to apply for Guaranteed Fund Credit by getting a relevant application form from the relevant department. Or click here to download:Link
7. Complete the application form with required details and necessary information under respective sections.
8. Attest the completed form and attach the documents listed in the “Required documents” section of this page.
9. Submit the application package to the relevant authority at the office.
10. In case if you require an amount higher than N20,000.00 you will be required to provide security for the loan amount required as applicable.
11. After submission, internal processing of the application and verification of the attached documents by the relevant officials will commence.
12. Finally, you will also need insurance cover from the Nigerian Agricultural Insurance Corporation (NAIC). The address and contact details can be found in the following link: Link
    

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Required Documents

• Completed application form
• Particulars of all Directors (LLC)
• Copy of Memorandum and Articles of Association (LLC)
• Certificate of Incorporation (LLC)
• Names of the partners/sole proprietors (Business name)
• Copy of the Registration Certificate and partnership
• Balance sheet
• Board Resolution
• Feasibility Report
• Three year Audited account
• Account Statistics
• Cash Security
• Debenture and proof of Stocks, Machinery Insurance
• Director’s guarantee form
• Guarantor’s form
• Project cost and expected output returns
• Profitability of the project
  

Office Locations & Contacts

Central Bank of Nigeria - Head Office,
Plot 33, Abubakar Tafawa Balewa Way
Central Business District,
Cadastral Zone,
Abuja, Federal Capital Territory, Nigeria
P.M.B. 0187, Garki Abuja.
Nigeria
Phone: +234 700 225 5226
Toll free line: +234 800 225 5226
Email: [email protected]
Website: Link

Eligibility

Any agricultural enterprise in Nigeria, that wishes to get credit under guarantee fund model of CBN, can apply.

Fees

The service is usually done free of charge.

Validity

It depends on the gestation period of the agricultural activity that the farmer is engaged in.

Documents to Use

Application form: Link

Sample Documents

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Processing Time

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Related Videos

Videos explaining the procedure or to fill the applications.
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Instructions

• The application form should be completed in duplicate and attached with two passport size photographs.
• If your loan application is above N20, 000.00, the lending bank would require you to provide collateral. The collateral could be in tangible form or in form of 25% cash security of the intended loan amount.
• You can still obtain a loan of N20,000.00 and below supported with a personal guarantee from a reputable person in your community or more than N20,000.00 through being a member of Self Help Group or Cooperative Society.
  

Required Information

• Applicant’s name
• Age and Date of birth
• Address of farmer’s residence
• Contact number and email address
• Address of the business
• Occupation
• Banker’s name and address
• Details of the security offered
• Dimensions of the farm
• Other particulars of the farm
• Income/Expenditure details
• Banking particulars
  

Need for the Document

The Guaranteed Fund Credit provides credit for various agricultural enterprises under a guarantee fund model. It derives its essence from the Agricultural Credit Guarantee Scheme of the CBN.

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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