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FG Agric Loan Application Form 2019 and Requirements

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FG Agric Loan Application Form 2019 and RequirementsFG Agric Loan… Starting a business in agriculture requires big investments.

FG Agric Loan Application Form 2019 and Requirements.

Many people do not trust commercial banks to offer good loans with affordable interests, so they prefer good loans provided by the Federal Government because they think it’s more reliable and affordable.

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Where can I find a good FG Agric Loan Application Form?

This can be obtained from the Bank of Agriculture (BOA), a franchise of the Central Bank of Nigeria (CBN) and these loans are provided by the Federal Government. The bank has a shared ownership between the Ministry of Finance (60%) and the Central Bank (40%). The Ministry of Agriculture supervises and controls the operations of the bank.

The bank renders loans for agricultural businesses in Nigeria; they include micro loans and cooperative loans.

How can I get the Federal Government (FG) Loan?

To begin, you have to determine what you need the loan for. You should have good reasons like developing new businesses, purchasing new equipments, maintaining your business, etc.

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After discovering your reason for a loan, you have to check the available types of loan and the process of applying. For instance, the BOA offers the following types of loan:

  • Micro Credits

These are given for businesses like trading, fish farming, livestock farming, raising crops, etc. some of these loans are never higher than N250,000 and is repaid within two years.

In order to obtain this loan, you need two guarantors and a 20% deposit. The interest rates for these loans vary between 12% and 20% yearly.

  • Grow and Earn More

This loan is for women who want to start up a business. These types of loans are quite big, with amount of N1, 000,000 with interest rate of 14%.

To obtain this loan, you need two guarantors and a 10% deposit in the form of a savings account. This loan is the best option for women in the agriculture business.

  • Individual SME Loans

These loans are for individual business persons. The highest amount given is N5, 000,000 which is for agricultural purposes. SME loans from the BOA usually come with interest rates of 14% to 20%.

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Requirements for Bank of Agriculture (BOA) Loans

  1. You must have collateral for the loan.
  2. You must have a detailed business plan which you will explain why you need the money and how you intend to use it.
  3. You must have a bank account to store part of the money that will be given to you.

Apart from these requirements, there are other requirements that only loan officers know. So if you are interested in getting a BOA loan, it’s advisable you inquire from a loan officer in a bank branch.

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How to Apply for FG Agric Loan application form.

Depending on the type of loan you are applying for, the processes may be different but some things will be common. For instance, you may be required to provide documents to prove the ownership of the business, a valid identity card such as driving license or passport and a prove that you can repay the loan.

However, the best guidance will be from a loan officer in a bank branch of the BOA who will give you detailed information on the loan and the processes of application to avoid any mistakes.

I hope you find this information useful.

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  1. Idris Adams says

    I wanted to start importing beans to my community as a wholesaler to distribute it to retailer to sale if i were giving that opportunity i will be so glad if my request is granted

  2. Muhammadzodi says

    I want expend my small business . pls kindly I’m a deaf.

  3. Sala'uddeen Isa Sambo says

    My business is going low I want some amount of money to reboost it again,please kindly support me.

  4. Dauda Bulus says

    Good day , am please interested to own a loan to enabled me boost my farming , how can i do?

  5. Adeneye Adeyemi Kingsley says

    good morning, am interest in loan to boost my farming.

  6. Fashanu, G.O. says

    Am interested in taking this loan up to #600,000. Am a poultry farmer and want to combine fish farming too

  7. Aliyu Yusif says

    I really like to be a big farmer how can farm a bins and races thanks you


    There is a lot if land but, I need capital to start farming.

  9. Munasani Francis says

    I want to expand my maize and suya bean’s farm to one hectare each

  10. Adeyemi kudus says

    There is a lot of land and I need money to start my farm cucumber and water melon

  11. chukwuka o Francis says

    good day,am into fish processing,I need a micro credit other to buy more micro oven, more fish and to employ more people in to the business and improve more production thanks

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