Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Nigerian fashion entrepreneurs can benefit from this ₦1bn BOI fashion fund

Emmanuel Abara Benson by Emmanuel Abara Benson
June 12, 2018
in Business News, MSME
Nigerian fashion entrepreneurs can benefit from this ₦1bn BOI fashion fund
Share on FacebookShare on TwitterShare on Linkedin

In view of the myriad of challenges facing operators in Nigeria’s fashion industry, including inadequate access to credit facilities, the Bank of Industry BoI) has unveiled a ₦1 billion fashion fund aimed at supporting fashion entrepreneurs.

The special fund is specifically designed to benefit those involved in the production and marketing of fashion items such as clothes, handbags, shoes, jewelry/accessories etc. It will also support “initiatives that can improve financial literacy and industrial entrepreneurship development for players in the fashion industry.”

The BoI fashion fund, which comes in the form of loans, also targets three categories of fashion entrepreneurs namely retailers, wholesalers, and distributors.

RelatedPosts

Nigeria’s BlackHouse Media ranked number 3 agency in Asia pacific, middle east, and Africa

Court jails sitting senator, Peter Nwaoboshi, for 7 years over money laundering charges

According to a notice that was posted on the Bank of Industry website, only companies owned/promoted by Nigerians, and specifically, limited liability companies will be considered to partake in this special fund.

Below are other details about the fashion fund as sourced from BoI website

  • Maximum Obligor: ₦30 million.
  • Pricing fees: 1% appraisal fee, 1% commitment fee, 0.125% monitoring fee, and a 9% per annum, payable at the end of every month.
  • Tenure: Maximum of five years.
  • Moratorium: Maximum of 12 months (from date of loan disbursement).
  • Security arrangement: Lien on stock of trade and items of equipment.
  • Collateral/Support: Deposit of 5% 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 3 to 1.
  • Funding: BoI Term Loan/CBN MSMEDF –  75%
  • Structure: Equity –  25%

Related

Tags: Bank of IndustryentrepreneursNigerian fashion designers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Nigeria’s BlackHouse Media ranked number 3 agency in Asia pacific, middle east, and Africa
    • Nigerian Exchange suspends Royal Exchange, C&I Leasing, 7 others for default in audited financial statements
    • NGX closes flat as market capitalization grows slightly by over N6 billion

    Follow us on social media:

    Recent News

    Nigeria’s BlackHouse Media ranked number 3 agency in Asia pacific, middle east, and Africa

    Nigeria’s BlackHouse Media ranked number 3 agency in Asia pacific, middle east, and Africa

    July 1, 2022
    FBN Quest, Cordros, Apel lead best performing stockbroking firms in October 2021

    Nigerian Exchange suspends Royal Exchange, C&I Leasing, 7 others for default in audited financial statements

    July 1, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com