Agricultural Credit Guarantee Scheme Fund

The Scheme provides guarantee cover (up to 75% of any outstanding balance upon default) in respect of loans granted to the agricultural sector by banks and also has a farmer-friendly scheme called "Interest Drawback Program" (IDP) of up to 40% interest refund upon liquidation of the facility.


1. Individual farmers 2. Cooperative Societies 3. Corporate Bodies

General Requirements

1. Must be a farmer with verifiable investment in the enterprise of interest
2. Ability to bear the cost of agricultural insurance cover by NAIC
3. Must have a current account for the servicing of loan interest
4. Should provide acceptable collateral in the form of landed property with adequate title, shares, life assurance policy, or third party guarantee supported by assets (for requests over N1million)
5. Activities to be sponsored MUST be during the season and within the list of eligible enterprises
6. Insurance policy by the Bank's nominated insurance company on all assets purchased, noting Sterling Bank as first loss payee beneficiary
7. Maximum Credit: N1m for Individual and N10m for Corporate and Cooperative Societies
8. Maximum Tenor: 2 years (inclusive of moratorium)
9. Pricing: Commercial rate