Last updated on September 26th, 2023 at 11:20 pm
The Bank of Industry (BOI) is a Federal Government-funded industrial financing institution. The bank has a wide range of loans to support industries that contribute to the Gross Domestic Product (GDP), one of such fund is the Cassava Bread Development Fund.
More details on what to do to get loans from the Bank of Industry (BOI) can be found at https://infomediang.com/things-to-do-before-applying-for-boi-loans
NOTE: Before applying for this loan, we want to inform you that this fund is exclusively meant for those who are interested in cassava processing. This isn’t for cassava plantations. The government is interested in the final product from cassava.
In this guide, InfomediaNG takes you through how to apply and be one of the beneficiaries of the N3.44billion set aside for cassava processors and bakers in Nigeria.
Objectives of the Cassava Bread Development Fund
1) It’s the brainchild of the Federal Government of Nigeria as part of the transformation policy in the agribusiness sector.
2) Nigeria is the number one producer of the commodity in the world, the Cassava Bread Fund is aimed at making sure that Nigeria produces what it consumes.
3) To reduce the importation of agro foods
4) To ensure that the government saves and generate foreign exchange from cassava processing.
5) To create jobs for Nigerians
- Cassava Processors
- Cassava Bakers
- High-Quality Cassava Flour (HQCF) processors
- Working capital for Master Bakers
Tenor: 3 years
Moratorium: 6 months
Collateral: Debenture on items of equipment and stock, Irrevocable Personal Guarantee of the Chief Promoter
Method of Repayment: Payment shall be made from the company’s operation.
Fund limit: N3.44 Billion
How to apply for cassava bread loan:
- Set up an account on the official website of the Bank of Industry
- Check your inbox to activate your account
- Fill in your details
- Proceed to submit your application for the cassava bread fund at https://apply.boi.ng
- Hit submit
That’s all, wait for feedback from the BOI.