Nigeria - Get or Apply for Agricultural Development Trust Fund Credit

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Procedure

Apply In-Person:

1. To apply for getting or applying for Agricultural Development Trust 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 Agricultural Development Trust Fund Credit or find a commercial bank that provides Agricultural Development Trust 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 Agricultural Development Trust 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 collateral 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 farmer in rural areas of Nigeria, who wishes to make use of the Agricultural Development Trust Fund Credit for his/her agricultural loans, 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

Please attach sample completed documents that would help other people.

Processing Time

Please explain processing time taken in obtaining the document/certificate.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.gIn the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

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

• Need of the Agricultural Development Trust Fund Credit for a farmer is to gain benefits/concessions on a working capital loan for his/her business.
• Agricultural Development Trust Fund Credit (ADTFC) is a tripartite arrangement between a trust fund provider, the Bank, and CBN (guarantor) to provide working capital loans for farm business.
  

Information which might help

• The Trust Fund secures 25% or more of the intended loans of the prospective borrowers, the farmers’ savings secure another 25% while the ACGSF guarantees 75% of the remaining 50%, thereby leaving the lending bank with a risk exposure of only 12.5%.
• Sometimes, the state government, taking cognisance of the low capacity of the poor farmers in the state, may decide to increase its stake beyond 25% in order to assist the peasant farmers who may be unable to muster sufficient savings to qualify for a meaningful amount of loan.
  

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

FAQ

Others

More information which might help people.