Dbanj processes Cassava to Garri: Tap into the Bank of Industry (BOI)

The N5.0 billion Cottage Agro Processors (CAP) fund is set up to enable the target market increase capacity for agro processing and preservation and thereby reduce post-harvest losses and wastage's.
The fund is operated solely at the State offices and key features include:

Fund size: N5. Billion for the first phase.
FUNDING STRUCTURE: 10% minimum equity contribution, Read more after the cut...

 Interest rate: 9% per annum

Single Obligor Limit: N50 million

Tenor: Maximum of 5 years including 6 months moratorium

Security: · Debenture over the assets of the company or lien over the equipment (present and future) . Deposit of 10% equity contribution · Personal Guarantee of Sponsors/Promoters · Two (2) external guarantors acceptable to BOI e.g senior civil Servants, Bankers (minimum level of Manager), Professionals such as Doctors, Lawyers (SAN), senior lecturers and senior Staff of blue chip companies. 

The guarantees must be supported by Notarized Statement of Net worth. . Referral Letter from a recognized Traditional Ruler / Local Government Chairman or LG Secretary/ Imam / Priest · Key man Insurance of the Chief promoter or sponsor, stating BOI as first loss payee.
 
In instances where working capital is provided by any of the SME-Friendly Banks, the security arrangement shall include domiciliation of sales proceeds with the commercial bank and repayment shall be through direct debit of customer’s account domiciled with the bank. 

The Bank of Industry now has fourteen (14) branches in Nigeria, see the image below for the addresses: