BoI to empower fashion entrepreneurs in Nigeria with N1bn

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Cooperative societies gets N2bn loan from BoI
Bank of Industry (BoI)

BoI to empower fashion entrepreneurs in Nigeria with N1bn – The Bank of Industry (BoI) has said it is set aside N1 billion to back fashion entrepreneurs in the country.

FINANCIAL WATCH gathered that those who would benefit are marketers and producers of fashion items like clothes, handbags, shoes, jewellery and other fashion accessories.

According to the BoI, it will help ‘initiatives that can improve financial literacy and industrial entrepreneurship development for players in the fashion industry.”

This was posted on the bank’s website, where it said only companies owned/promoted by Nigerians, and specifically, limited liability companies will be considered.

The maximum amount that a person can receive is N30 million. Interested parties are required to pay one percent appraisal fee, one percent commitment fee, 0.125 percent monitoring fee, and 9 percent per annum, payable at the end of every month.

The loan tenure is five years and it is payable from a maximum period of 12 months from the date of loan disbursement.

Other conditions listed are: Security arrangement: Lien on stock of trade and items of equipment.

For Collateral/Support, you are expected to deposit 5 percent of the loan amount in an interest yielding joint account opened by the company with a designated bank with BoI as a sole signatory, notarised statement of net worth of two guarantors, and strong and reliable monthly net cash flows that can support monthly loan repayment at ratio three to one.

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