The Bank of Industry has established a Cottage Agro Processing (CAP) fund that provides agro processors with finance and machinery to convert our Agric produce for the following key commodities:

 Cassava
 Oil Palm
 Rice Paddy
 Groundnut
 Maize
 Sorghum
 Shea nut
 Plantain

Target market

The Fund will be accessed by Limited Liability Companies, Enterprises and Cooperative Societies engaged in the processing of agricultural products either into finished food products or raw materials for industry or for the export market.

Projected Impact

The fund shall be deployed for the supply and installation of equipment for an estimated 1,000 (One thousand) cottage mills across the country
Terms and procedures
• 9% per annum interest rate
• 1% Processing fee
• 5 year loan tenor
• 6 month moratorium
• Availability of collateral
• Speedy processing

Collateral/Support

The entrepreneur must be able to provide the following
• Debenture over the assets of the company or lien over the equipment (present and future) in the case of a cooperative society.
• Deposit of 20% equity contribution into designated BOI account.
• Cross guarantee of members in case of co-operative societies.
• Personal Guarantee of Sponsors/Promoters in case of companies.
• Two (2) external guarantors acceptable to BOI who must belong to any of the following categories:
• Senior Civil Servant (not below the rank of Assistant Director).

• Bankers (not below the level of Branch Manager), with minimum of 5 years in service with the Bank (current employer).
a. Lawyers (SAN).
• The guarantees must be supported by Notarized Statement of Net worth.
Referral Letter from a Recognized Traditional Ruler or Authorized Local Government Official.
• Domiciliation of sales proceeds with the selected/accredited MSME friendly banks
OR

• Bank Guarantee from Commercial Banks acceptable to BOI.
OR

• Legal mortgage on pledged property.

To apply for the fund and other BOI finance, you need to apply through one of the BOI Accredited Business Development Service Providers (BDSP).
Contact BDSP: sunday.udoh@pearlmutual.com or Call: 08165789484

Sorry is the fund still activeactive and can I decide my equipment supplier

@ uruba23. The fund is still active. if your equipment is available with one of BOI accredited supplier, then you have no choice. However if your equipment is not available or to be imported, you select yours. Note that BOI will not give you the money. Rather they will pay the supplier directly and you get the equipment. In conclusion, you must be able to provide a collateral.

Ok thank you