GET FUNDING FOR YOUR FISH FARMING FROM BANK OF INDUSTRY

GET FUNDING FOR YOUR FISH FARMING FROM BANK OF INDUSTRY Are you an existing fish farmer or into processing of fish? Are you aware of BOI Fish Farming and Processing Fund? If your answer is not, I want to draw your attention to this opportunity to get a loan to expand your fish farm. Not is for existing farmer or processing company that their business have been registered. Read below to have more knowledge about this opportunity: PURPOSE/ RATIONALE ·         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. TARGET MARKET/ CRITERIA The fund will be accessed bylimited 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. Appendix II provides a list of some of the key players in the fish value chain. 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 N50.0 million PRICING Term Loan Interest Rate: ·        9% per annum. Fees: 1% Processing fee TENOR 3 – 5 years MORATORIUM 6 – 12 months (from date of loan disbursement) 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. >10.0 ≤ 20.0 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. > 20.0 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. 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. REPAYMENT MODE Monthly payment of interest and principal. Visit The Official Webpage Of Bank Of Industry For Application Do you need a business plan to raise fund for your business? I can help you develop a unique business plan tailored to suit your needs.07069632852