How to Apply for First Bank Commercial Agriculture Credit Loan
This update is intended to educate the general public about the procedures for applying for or registering for the First Bank Commercial Agriculture Credit Loan, which is now open to all interested and qualified individuals. This page has everything you need to successfully register for a First Bank Commercial Agriculture Credit Loan.
How to Apply for First Bank Commercial Agriculture Credit Loan
The Commercial Agriculture Credit Scheme is a special credit intervention fund of originally, N200billion created by the Federal Government of Nigeria to fast-track the development of the agricultural sector economy by providing credit facilities to commercial agricultural enterprises at a single-digit interest rate.
The key agricultural commodities covered under the Scheme are:
- Production:
- Cash Crops: Cotton, Oil Palm, Fruit Trees. Rubber, Sugar Cane, Jatropha Curcas and Cocoa.
- Food Crops: Rice, Wheat, Cassava, Maize/Soya, Beans/Millet, Tomatoes and Vegetables
- Poultry: Broilers and Eggs Production
- Livestock: Meat, Dairy and Piggery
- Aquaculture: Fingerlings and Catfish
- Processing: Feed-mills Development, Threshing, Pulverisation and other forms of transmutation for value addition.
- Storage: Commodities, Agro-Chemicals and Warehousing.
- Farm Input Supplies: Fertilizers, Seeds/Seedlings, Breeder Stock, Feeds, Farm equipment & Machineries.
- Marketing: Agricultural commodities under the focal investment areas.
Features
- Single digit interest rate (9% all-in, max).
- Single obligor limit of up to N2billion for medium and large scale private sector enterprises and N1billion for state governments.
- The participating private sector entity must have a minimum farm asset base of N50million (excluding farm land).
- Irrevocable Standing Payment Order (ISPO) is required in the case of State Governments.
- Fund available till 2025.
- Loan tenor of up to 5 years.
Value Proposition/Gain
- Funding provided at cheap cost.
- Longer tenor of loan.
- Funding targeted to specific agricultural production
Target Market
- Medium or Large Scale Commercial Farms involved in the 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
How to Apply for Commerical Agriculture Credit Loan Scheme by First Bank
To begin, visit https://www.firstbanknigeria.com/business/agriculture/commercial-agriculture-credit-scheme/#
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