The Commercial Agriculture Credit Scheme (CACS) facility was established by the CBN and Federal Ministry of Agriculture to fast track the development of the agricultural sector in Nigeria by giving loans support to businesses like yours. At FirstBank, we take your farming and other agricultural services dear to heart. Whether you are into cash crops production, arable farming, livestock or even mixed farming, FirstBank is ready to help you achieve that goal. Below are five documents to bring along when applying for this loan:
- Formal application for a credit Facility : Of course you need an application letter for this scheme, it captures the name of your company, when it has been in existence, what aspect of agriculture you are into, amount needed, proposed loan duration, payment projection.
- Certificate of Incorporation: Of course we need to verify your business is registered with CAC. And if you registered as a business name, no problem, so far you are a registered incorporated company having a management structure with minimum experience of 3years.
- Memorandum and Article of Association. ‘Memorandum of Association‘ abbreviated as MOA, is the root document of the company, which contains all the basic details about the company, while ‘Articles of Association‘ shortly known as AOA, is a document containing all the rules and regulations designed by the company. Now with this definition and the amount you want to request for, these documents show how genuine your organisation is, it states your shareholders names and tell us the rules and regulations binding your company.
- Board Resolution to Borrow: Now if you provided the MOA & AOA, then it means you have a board consisting of designated people. To enable you access the loan, a resolution adopted by a Board of Directors and/or the stockholders of a corporation or other entity that authorizes the officers to borrow money from a financial institution is needed in your loan application
- Feasibility Study/Business Plan.: We saved the best for the last. We are willing to help you grow your business and our formidable team of advisers need your business plan to be able to ascertain how prepared you are for the loan.
There you have it, the five documents you need to access the Commercial Agriculture Credit Scheme (CACS).
What next after you collate all these documents?
Walk into any of the FirstBank branches Nationwide or email us via firstname.lastname@example.org