How to Access N13.6 billion BOI Rice & Cassava Intervention Fund
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How to Access N13.6 billion BOI Rice & Cassava Intervention Fund is a procedure you must follow. Industrial intervention funds in Nigeria and social intervention fund of federal government follow the same procedure. www boi org ng gives highlights on CBN and BOI SME intervention fund 2019/2020. How to Access N13.6 billion BOI Rice & Cassava Intervention Fund is a must read for all loan applicants.
As a matter of fact, BOI is the designated fund manager of the N13.6billion rice and Cassava fund. This is based on the MOU executed by the Federal Ministry of Agriculture and Rural Development (FMARD) and the Bank of Industry.
How to Access N13.6 billion BOI Rice & Cassava Intervention Fund
9 States for Rice Mills & 6 States for Cassava Mills:
Furthermore, 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.
The Fund which is close ended, is limited to only applicants who have met all the laid down guidelines and recommended through competitive processes
How to Access N13.6 billion BOI Rice & Cassava Intervention Fund – Focus Impact:
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.
Therefore, the project has the following focused impacts;
- Job creation
- Economic empowerment
- Foreign exchange savings for the nation.
- Community development and social inclusion.
- Reduction in post-harvest losses.
- Creation of linkages to other sectors.
- Boost in agricultural activities.
Conditions:
Single Obligor Limit – N1.0billion
Appraisal fee – 1%.
Interest Rate – 5%
Tenor – 10 years inclusive of 3 years Moratorium.
Collateral – All Assets Debenture or any other form of collateral acceptable to the Bank.
How to Access N13.6 billion BOI Rice & Cassava Intervention Fund – Eligibility Criteria:
1. Is your business or company duly registered/incorporated?
2. Is the Company shareholding 51 percent female owned?
3. Do you have a factory to operate from?
4. Is your line of business in manufacturing or commodity based value addition?
5. Do you have the requisite operating license/relevant permit e.g. DPR, NAFDAC etc.
6. For existing business, is your net-worth (Shareholders Fund) positive?
7. Does the company have a standard factory building or leased premises designed to accommodate the equipment to be procured?
8. Do you have a sustainable business model?
9. Would you require minimum of 20% local contents in your production?
10. Do you have minimum of 60% Nigerian ownership?
Needed Business plan:
All these conditions narrated above are to be articulated in a winning business plan. Did you see the features of the business plan already highlighted? May be you did not note it. The business plan will give a comprehensive highlight on the loan conditions, Focused target, and the eligibility criteria.
This is the secrete in the business plan we develop for our clients. We make sure we meet the sponsor’s conditions. In doing this we determine whether you are a start-up or an existing processing business.
As a matter of fact, can you answer the following two questions?
- Do you have minimum of 60% Nigerian ownership?
- Is the Company shareholding 51 percent female owned?
In this connection, we will look into your incorporation documents to determine your fitness for this loan. Where appropriate, we carry out changes to enable you win the loan.
How we partner with you:
Complete Full Marks Consultants limited is a firm of chartered accountants, auditors, tax practitioners and management consultants. As a matter of fact, we have the capacity to handle your N13.6 billion BOI Rice & Cassava Intervention Fund loan application. Our long years of industrial experience speak for us.
Furthermore, our management consultancy services runs a seminar-cum-training programme captioned Complete Entrepreneurship Summit (CESummit) to reach out all interested entrepreneurs with entrepreneurial skills to establish up-coming or sustain an existing business. To reach our target audience everywhere, we have a highly enriched on-line training manuals for export business of agro-products, service base businesses and many more.
READ ALSO:
- Bankable Business Plan for CBN Entrepreneurship Loan Grants
- How to Manage Export Financing Risk
- Current Stand of CBN AGSMEIS Approved Business Plan
- BOI Conditionality for SME Sponsored Loans
- A Winning Business Plan for P-YES Grants
- How You May Win CBN Agribusiness Loan 2019
- Profitable Small Processing & Manufacturing Business Opportunities in Nigeria
Again, there are ready-made and customised business plans of any business of your choice. Our fees are moderate.
Call us on +234 8034347851 or email us at [email protected] for further information. You may please share this to reach others. Thanks.
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.
