|PURPOSE/ RATIONALE||· Mechatronics is projected to play a major role in industrial development and virtually all fields of endeavour in Nigeria in consonance with the global trend.
· With the importance and growth of this innovative technology in the Nigerian industrial ecosystem, it is imperative for the Bank of Industry (BOI) to promote and support the mechatronics phenomenon.
|The Fund will be accessed by Limited Liability Companies and Enterprises engaged in mechatronics diagnostics as well as industries that need to incorporate the technology in their operations. This includes the automobile, medical and agricultural sectors of the Nigerian economy, to mention a few.|
|PROJECTED IMPACT||High employment generation along the value chain employment generation along the value chain.|
|SINGLE OBLIGOR LIMIT||
|Interest Rate: 9 % per annum.
Fees: 1% Processing Fee for loan less than N50 million.
1% each for Appraisal and Commitment Fees for loan
above N50 million
|MORATORIUM||Provision of 6 – 12 months moratorium|
|· Loan up to N50 million: 90% maximum from BOI (including working capital from BOI or the SME-friendly banks).
· Contribution by the promoter – 10% (minimum)
· Loan above N50 million: 80% maximum (including working capital from BOI or the SME-friendly banks).
· Contribution by the promoter – 20% (minimum)
· Existing Business:
· For an existing project, the estimated value of the factory building and/or relevant processing equipment, may be applied against the borrower’s 10 – 20% contribution. The factory building and/or equipment must be valued professionally by any of BOI’s accredited valuers. Professionally by any of BOI’s accredited valuers.
· In phases in accordance with agreed milestones and shall be backed by provision of performance bond by the accredited equipment suppliers (where the suppliers demand for advance payment before delivery of the equipment).
· Establishment of Letters of Credit where the plant and machinery are to be imported.
After successful installation and testing of the equipment and payment shall be made directly to raw materials suppliers.
|REPAYMENT MODE||· Monthly by direct debit of customer’s account domiciled with the participating SME-friendly bank on the basis of a Tripartite Agreement signed between BOI, the SME-friendly Bank and the Customer. Such direct debit collections, must be remitted by the SME-friendly bank to BOI within 24 hours. In the event of default, the SME-friendly bank must notify BOI within 24 hours to trigger prompt remedial action by the Bank.
§ In the alternative, the customer should provide post-dated cheques in line with the amortization schedule
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