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Acquired Very Cheap Land In Abuja For Agro Livestock Farm's Biz & Residential ! / Bank Of Industry Loan 2019 – How To Apply Online! / Nigerian Farmers Refuse To Repay N60 Billion Loan – Bank Of Agriculture (2) (3) (4)
|Bank Of Agriculture's Hypocrisy On Support For Agro Sme's by bennynaza(m): 8:16pm On Jul 19, 2017|
I needed a loan to boost my production ahead of the incoming palm oil milling season and visited the Bank of Agriculture.
I had a simple plan which I explained to them will guarantee my easy one time repayment of the loan as soon as I sell off my produce in the off- Season, in exactly eleven months.
The deal breaker for them was that the collateral I was offering is not in the state capital. I was categorically told that no form of proof of ownership was enough for a property outside the state capital to grant me a loan. I even offered the state deputy governor as a guarantor.
This is totally contrary to the picture the government and their financial/investment agencies paint on the media regarding their willingness to support SME's and self-employed entrepreneurs.
To think that I resigned from my salary job (low paying though) to completely focus on the palm oil business on the hopes that govt/ BOA would be true to their word.
I regret nothing though. The business is well and truly profitable, I have the experience and energy, my business plan is watertight and fail proof. And I am confident I will find my loan from any other source.
Wish me well.
|Re: Bank Of Agriculture's Hypocrisy On Support For Agro Sme's by Agunechibeya(m): 9:01pm On Jul 19, 2017|
BOA is a big scam. I'm sure govt is not yet aware of what they are doing there. Try BOI
|Re: Bank Of Agriculture's Hypocrisy On Support For Agro Sme's by bennynaza(m): 8:39am On Jul 20, 2017|
but BOI website says they only pay for machinery and not capital. Or am I mistaken?
I already have machinery. I am only looking for capital for raw material.
|Re: Bank Of Agriculture's Hypocrisy On Support For Agro Sme's by dchinky(m): 3:02pm On Jul 21, 2017|
BOI/BOA are just not interested in helping start up entrepreneurs, as they demand a lot of things which are not easy to provide just like our commercial banks and don't help . the truth is that you have to do it on your own with help from family and friends. Best of luck
|Re: Bank Of Agriculture's Hypocrisy On Support For Agro Sme's by remyfmarathe(m): 7:01pm On Jul 24, 2017|
Hey guys, I don't know much about BOA but I've been doing my own research and came across this article: http://www.pulse.ng/business/heritage-bank-diversification-is-the-key-to-recent-run-of-success-id6883725.html
Seems like Heritage Bank has a big push on to support SMEs/entrepreneurs in agriculture. A friend said they've changed under the new CEO/MD dude Ifie Sekibo. Here's something on him, seems pretty switched on: https://dailytimes.ng/business/heritage-bank-supports-triton-group-reforestation-project-oyo/
Anyway, hope this helps. Maybe these guys are better than BOI even though they're not purely an agriculture bank, just a business bank i guess.
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