Apply for Rice & Cassava BOI Intervention Fund in Nigeria – Rice & Cassava BOI Intervention Fund in Nigeria is one of the Federal Government Intervention Funds in the various aspects of the economy. The Fund is a Federal Government of Nigeria’s initiative to provide subsidized loans to Micro, Small and Medium Enterprises (MSME) at single digit (9% per annum) all inclusive interest rate. Apply for Rice & Cassava BOI Intervention Fund in Nigeria
This initiatives have given rise to a lot of government intervention funds in Nigeria such as CBN intervention fund for agriculture and SMEs, CBN intervention fund for manufacturing, social intervention programmes in Nigeria, Apply for Rice & Cassava BOI Intervention Fund in Nigeria and how to register for social intervention scheme in Nigeria.
Rice & Cassava BOI Intervention Fund in Nigeria
Table of Contents
BOI is the designated fund manager of the proposed N13.6 billion based on the MOU executed by the Federal Ministry of Agriculture and Rural Development (FMARD) and the Bank of Industry on October 23, 2014.
The Fund which has defined hallmarks has to be utilized solely for the establishment of ten (10) medium scale Rice Mills of about 36,000 metric tons of paddy per annum and six (6) High Quality Cassava Flour Mills of about 18,000 metric tons of cassava tubers per annum capacity in identified locations across the nation, namely Kano, Kogi, Kebbi, Zamfara, Bayelsa,Bauchi, Benue, Ogun and Anambra States for the Rice Mills and in Ondo, Ogun, Abia, Delta, Nasarawa and Cross River States for the High Quality Cassava Flour Mills.
Apply for Rice & Cassava BOI Intervention Fund in Nigeria
The Fund which is close ended, it is limited to only applicants who have met all the laid down guidelines and recommended through competitive processes.
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TARGET MARKET:
Those who are qualified for this fund!
- The Fund will be accessed by Limited Liability Companies, and Enterprises engaged in
- adding value to the rice/cassava commodities through the setting up of milling facilities.
PROJECTED IMPACT:
As part of national poverty aleviation programme/agenda, it must result to:
- Job creation and economic empowerment of the Nigerian populace.
- Community development and social inclusion.
- Reduction in post-harvest losses.
- Creation of linkages to other sectors.
- Foreign exchange savings for the nation.
- Boost in agricultural activities.
Apply for Rice & Cassava BOI Intervention Fund in Nigeria
SINGLE OBLIGOR LIMIT: N1.0billion
PRICING
Fees:
Appraisal fee 1%.
Interest Rate 5% for Long Term Loan.
TENOR: 10 years inclusive of 3 years Moratorium.
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COLLATERAL:
All Assets Debenture or any other form of collateral acceptable to the Bank.
FUNDING STRUCTURE: 70:30 (Debt/Equity ratio)
REPAYMENT SOURCE
Payment of interest and principal from proceeds of the company’s operations.
Apply for Rice & Cassava BOI Intervention Fund in Nigeria
ELIGIBILITY CRITERIA
If you don;t score 100% YES in these questions, you have to make some structural adjustments in your business setting before you continue.
- Is your business or company duly registered/incorporated? Yes /No
- Is the Company shareholding 51 percent female owned? Yes /No
- Is your line of business in manufacturing or commodity based value addition? Yes /No
- Do you have the requisite operating license/relevant permit e.g. DPR, NAFDAC Yes /No
- Do you have a factory to operate from? Yes /No
- For existing business, is your networth (Shareholders Fund) positive? Yes/ No
- Does the company have a standard factory building or leased premises designed to accommodate the equipment to be procured Yes /No
- Do you have a sustainable business model?Yes/ No
- Would you require minimum of 20% local contents in your production Yes/ No
- Do you have minimum of 60% Nigerian ownership? Yes /No
Note:
- Every applicant’s answer to these questions must be YES before progressing to the next stage.
- Complete Full Marks Consultants Limited is a firm of chartered accountants, auditors, taxation and management consultants. There are lot it can do for your business. Your auditing services, tax management, CAC documentations and FIRS relations. We an handle your internal control system too. May be you also need a business plan, and other business information on your capital assets and raw material procurement, we will source the needed information for you.
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Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.
