Requirement for Bank of Industry (BOI) Fish Farming Fund – You just need to be interested in the fish farming business. Therefore, if you are already into the business or intending to join the business, or a serving corper (NYSC), this free fund is available for you on meeting the requirements.
You may wish to find out about; Accessing BOI’s Agric Processing Fund, Requirements for CAPFUND, Access boi cap fund for agricultural product processing, Bank Of Industry Cottage Loan; How to Apply and how to access CBN agric intervention fund.
The purpose of this fund is to:
- Promotion of fish farming in Nigeria in order to meet the huge supply gap that is currently being met by importation.
- Reduction of post-harvest lost by farmer through the processing.
- Promotion of foreign exchange savings by increasing domestic fish production.
- Employment generation.
- Provision of the fishery sub-sector with a source of long-term funding at a reasonable cost thereby improving its competitiveness.
- If you can key into the above national objectives, then continue with the criteria for obtaining the fund.
Requirement for Bank of Industry (BOI) Fish Farming Fund
Table of Contents
CRITERIA
The fund will be accessed by limited liability companies and enterprises engaged in fish farming and/or processing in all parts of the country as part of the SME Aquaculture and Fish Processing Clusters.
PROJECTED IMPACT:
Each project along the value chain is expected to create 48 – 120 jobs as follows:
Small Medium
Direct 8 20
Indirect 40 100
Total 48 120
PROGRAM LIMIT
N1.0 billion
MAXIMUM OBLIGOR LIMIT Up to N50 million
The Terms of the Loan:
Interest Rate:
9% per annum.
Fees:
1% Processing fee
TENOR
3 – 5 years
MORATORIUM
6 – 12 months (from date of loan disbursement)
Requirement for Bank of Industry (BOI) Fish Farming Fund
COLLATERAL/ SUPPORT
- Loan Amount (N’m) Security Arrangement
- 5.0 – 10.0
- Specific charge over the equipment financed.
- Irrevocable Personal Guarantee of the Chief Promoter of the company.
- Post-dated cheques of the company or the Chief Promoter, issued in line with the amortization schedule.
- Two (2) external guarantors acceptable to BOI who must belong to any of the following categories:
a) Senior Civil Servant (Level 12 and above).
b)Bankers (not below the level of Assistant Manager) and must have been confirmed by current employer.
c) Professionals i.e. Medical Doctors, Lawyers, Accountants, Engineers, etc.
d)Senior Staff (not less than a manager) of reputable quoted Companies, International Oil Companies, Telecommunications Companies (GSM providers)
e)The guarantees must be supported with a Notarized Statement of Net worth acceptable to BOI.
Get fresh graduate (NYSC) entrepreneur fund
Requirement for Bank of Industry (BOI) Fish Farming Fund
All assets debenture.
Irrevocable Personal Guarantee of the Chief Promoter of the company.
One (1) external guarantor acceptable to BOI who must belong to any of the following categories:
a) Senior Civil Servant (Level 12 and above).
b) Bankers (not below the level of Assistant Manager) and must have been confirmed by current employer.
c) Professionals i.e. Medical Doctors, Lawyers, Accountants, Engineers, etc.
d) Senior Staff (not less than a manager) of reputable quoted Companies, International Oil Companies, Telecommunications Companies (GSM providers)
e) The guarantees must be supported with a Notarized Statement of Net worth acceptable to BOI.
Or
1. Bank Guarantee from Commercial Banks acceptable to BOI.
All assets debenture.
- Legal mortgage on pledged property.
- Irrevocable Personal Guarantee of the Chief Promoter of the company.
Or
Bank Guarantee from Commercial Banks acceptable to BOI.
Requirement for Bank of Industry (BOI) Fish Farming Fund
FUNDING STRUCTURE
- Loan – 90% maximum (inclusive of working capital from BOI or the SME-friendly banks).
- Contribution by the promoter – 10% (minimum)
- The estimated values of the existing fish pond, structures and/or relevant processing equipment may be applied against the borrower’s 10% contribution. The items must be valued professionally by any of BOI’s accredited valuers.
DISBURSEMENT Term Loan:
In accordance with agreed milestones and shall be backed by provision of performance bond or advanced payment bond by the equipment supplier, where an advance payment is demanded.
Working Capital:
After successful installation and testing of the equipment and payment shall be made directly to raw materials suppliers.
REPAYMENT SOURCE
From cash flows generated by the customer’s operations.
Requirement for Bank of Industry (BOI) Fish Farming Fund
REPAYMENT MODE
Monthly payment of interest and principal.
Visit www.boi.ng/apply/ to apply online.
Certainly, you will require business plan for this application. Don’t hesitate to contact us on [email protected] or call +234 8034347851, to have your Fish Farming business plan prepared by professionals.
Meanwhile, always visit this sit for your regular updates on this exercise. Check this site for other BOI fund applications.
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.
