Bank Of Agriculture Loan Portal and Requirement For Agri-businesses

By Admin
- April 18, 2022

Bank Of Agriculture Loan Portal and Requirement For Agri-businesses

The Bank of Agriculture (BOA) is the main platform via which Nigeria’s federal government provides funds to farmers to help them expand their farming operations. By farmers, we mean those who work in a variety of agribusinesses, such as poultry, fishing, piggery, food packing, and other aspects of farming. In this article, we’ll look at the Bank Of Agriculture Loan Portal and Requirement For Agri-businesses including: portal, and loan types for the Bank of Agriculture (BOA) loan.

Initially, the Bank of Agriculture’s activities were overseen by the federal government, with the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance listed as supporting shareholders.

If you’re a farmer in need of a loan to help you run your farm, the BOA should be your first stop, whether you’re an individual or a registered association. Bank Of Agriculture Loan Portal and Requirement For Agri-businesses.

Types of Bank Of Agriculture Loans

Below are the different types of loan available agribusinesses via the BOA;

1. BOA Micro credit loans

This loan scheme is designed for farmers who are into fishing, horticulture, agro-processing, livestock, and other related fields. Individuals and cooperative society members can apply for this loan.
Requirements for the loan:

2 guarantors
20% partial payment upfront
Loan amount requested must not be above N250,000
Loan tenure must not exceed 2years
Annual interest rate is 12%

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2. BOA Grow and Earn More (GEM)

Grow and Earn More loan scheme is designed to help women who are farmers and are interested in increasing the scale of their farming business. This is in order to help the deal with the challenge of financing that most farmers have.
Loan Requirements:

You must hold an account with the Bank of Agriculture office close to your project for at least 3 months
Loan amount must not exceed N1 million
Loan is based on project type
2 guarantors
10% partial payment upfront
Annual interest rate is 14%

3. BOA Small and Medium Enterprises (SMEs) Loan

This loan is available to persons whose projects are agricultural based. Up to 5,000,000 naira loan is up for grab in this scheme.

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How to Open an account with Bank Of Agriculture Loan

You can either open a corporate account or individual account with BOA.
To open an account, visit https://www.boanig.com/account-opening-package/ to select your preferred account type and fill the form.
Documents Required to open an account:

Filled and duly signed form
A signed letter of intent, addressed to the Bank of Agriculture
Updated mandate
Photocopy of valid means of identification
Copy of the most recent utility bill
3 passport photos
N3,000 part payment
Signed letter of set-off

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