In a bid to address challenge of access to credit for SMEs, and to hasten the credit delivery process, the Bank of Industry (BOI) signed service agreements with 122 SME Consultants in three categories, based on their capacity and preferred areas of coverage to help increase SMEs’ capacity to apply for and secure financing from the Bank.
The SME Consultants are categorised as follows:
|S/NO||COVERAGE||NUMBER OF SME Consultants|
This strategic partnership with SME Consultants is in furtherance of the Bank’s core mandate “of providing long-term financial and business support services to large, medium and small projects”.
The services the SME Consultants are expected to provide include the following:
- Collaborating with BOI to identify credible SMEs that require finance;
- Assisting SMEs in the development of bankable business plans and proposals towards accessing finance at BOI (guided by BOI’s Risk Acceptance Criteria);
- Collaborating with BOI to conduct periodic post-finance monitoring of the SMEs.
- Other services are to provide post-finance services such as mentorship, hand-holding, financial advice and encourage SMEs to inculcate best practice;
- Supporting SMEs to develop synergies and linkages with large enterprises, industrial buyers and suppliers along the value chain.
BOI has agreed the following token fees with the SME Consultants for assisting SME’s in preparing their business plans and loan application to BOI:
|S/NO||LOAN AMOUNT (N)||FEES|
|1||0 – 10 Million||N10,000|
|2||10 – 50 Million||N25,000|
|3||50 – 200 Million||N50,000|