- Targeted at farmers’ cooperative societies/ farmers groups to meet their financing needs
- Product covers Farm machineries acquisition (Irrigation equipment, sprayers, pumps, tractors, implements etc.)
- Maintenance of 20% in savings account to serve as collateral support
- Counter guarantee of members of the Cooperative Societies (Joint and several liability of members).
- Cooperatives must be at least 6 months of being registered with Registrar of Cooperatives.
- Lien or bills of purchase on the equipment being financed.
- Up to 60% CBN/NIRSAL Credit Risk Guarantee on net amount in default.
- NAIC Insurance cover on the approved amount.
- Eligible only on current account.
- Customer can benefit up to five times the amount saved as cash collateral.
- Facility tenor ranges between 12 and 24 months.
- Professional advice to customers.
- CBN guarantee upon payment of 3% annual Risk Guarantee fee attract up to 60% Guarantee and 35% interest rebate for good performance