|PURPOSE/ RATIONALE||· This Product Program will address the challenge resulting from high cost of funds as it will grant funds to beneficiaries for the acquisition of machinery and equipment as well as working capital at concessional interest rates.
· It will promote global best practices in the establishment of restaurants of high quality standards that can compete not only with indigenously-owned food businesses, but with global brands that are currently entering the Nigerian market.
· The Program has a very high potential for job creation both directly and indirectly.
· The Program will promote the availability of hygienic, nutritious and affordable food for the populace.
|Limited Liability Companies and Business Enterprises engaged in or intending to set up quick service restaurant businesses such as fast food and eateries will be eligible to access the Fund.|
|PROJECTED IMPACT||The fund shall be used to establish, expand and modernize (upgrade) fast food businesses and eateries to ensure quality service delivery.|
|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||6 – 12 months from date of Loan Disbursement.|
|· 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)
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).
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