If you’re an exporter and you need extra funding for your business, you may want to try NEXIM Bank’s export loan facilities. But just in case you’re unsure what NEXIM is, a brief introduction follows.
NEXIM Bank, that’s the Nigerian Export-Import Bank, is a government-backed financial institution which has a primary responsibility of providing financial assistance to Nigeria’s exporters. The bank funds exporters’ purchase of production input and capital goods and insures export businesses against risks. Loans are either disbursed directly to recipients by NEXIM Bank or through partner commercial banks.
Here, we’ll show you how to get a direct loan from NEXIM Bank.
NEXIM Bank’s Direct Loan Facility
This makes funding available to exporters for the acquisition of raw materials, packaging materials, spare parts and other capital goods. Short term, medium term and long term
loans in local or foreign currency are granted under this scheme. Funding from NEXIM Bank may cover up to 80% of the total project cost. There’s also the possibility of collaborative funding, in which case NEXIM Bank cofinances the exporter’s project with other banks.
Qualifying for a loan: what’s required
As is the case with any typical lending institution, NEXIM Bank expects companies and cooperative societies applying for its direct loan facility to have a record of keeping their finances in good shape and meeting financial obligations within proper time limits. Intending borrowers should also be able to demonstrate that the loan, if granted, will strengthen and expand their export business. Crucially, applicants must be sure that at least half of their businesses are export-oriented.
If you’re submitting a loan application, you should hand it in along with these documents:
- Certified True Copy of your company’s Certificate of Incorporation
- Audited statement of account for three years or a complete set of management report (signed by two directors of the company) for the accounting period for which the statement account is unavailable.
- A feasibility study report or business plan
- Certified True Copies of Form CO2 and CO7
- Certified True Copies of proforma invoice(s) for new or used equipment from a reputable supplier.
- Evidence of license or permit from relevant agencies
- Evidence of export commitment
- Copy of Environmental Impact Assessment Report
- Evidence of availability of counterpart funding (for new projects)
- Copies of title documents that are available as security
In addition, NEXIM demands collateral for its loans, and would accept any of these as security:
- The borrower’s (or company director’s) landed property
- Bank guarantee or insurance bond
- Share certificates of quoted companies
- Investment certificate or commercial bills
- Floating charge on movable property of the company’s borrower or directors.
- Fixed charge on borrower’s machinery and equipment
Fees You’ll need to pay
A number of fees and charges are expected to be paid by loan recipients. These fees include;
- A commitment fee, which is charged at 0.5% (per annum) of the loan and is paid along with the loan interest.
- Administrative fees, which (unlike the commitment fee) is paid just once. The fee is 0.1% of the loan amount, and can be paid by the borrowing business when it accepts NEXIM’s loan offer. However, if it’s a short-term loan (less than 180 days), the fee will be 0.5% of the loan.
- Legal fees set at 0.5% of the loan amount may be charged if legal agents are hired to help with preparing the loan document.
Apart from these, borrowers will also pay taxes, stamp duties (and other applicable duties) and foot the bill for monitoring visits by NEXIM as well.
How the loan is disbursed
If the loan applicant meets NEXIM’s conditions for doling out the loan, the bank could issue a Letter of Credit on behalf of the applicant. The Letter of Credit works as a guarantee that payment will be made to the seller for the equipment that the loan recipient wants to buy (import) from them. Note that the bank could do some background checks on such imports before they happen, and may charge the loan recepient for this.
If the exporter (who receives the loan) wants to purchase machines and equipment locally, NEXIM will release the funds directly to the supplier of those items.
Repayment terms
Loan repayments can be made for up to three years after loans are disbursed. Varying repayment conditions exist, depending on the agreement reached between the borrower and the bank. Such repayments may begin to be made in the first six months after the moratorium on loan repayments. NEXIM expects beneficiaries of its loans to comply with the repayment schedule it lays out at the point of granting the loan.
Find out more
There’s more information about this loan from NEXIM Bank. If you’re an exporter and are interested in getting a loan from them, you can send your inquiries to neximabj@neximbank.com.ng, or
click here to visit their website.
Featured Image Credit:
www.businessdayonline.com
Related
You might also like:
This article was first published on 15th February 2018
ikenna-nwachukwu
Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.
Comments (110)
Dear sir I have equipments for manufacturing essentian goods Nigerians imports that I have enquired about and is capital intensive to buy. I decided to contact your office so I can get help as your will verify and be convinced. It will be a breakthrough for the economy. Cell 08147245979. Thanks
Hi,
My name is Albert Henry from Net Success Global Services. I am a small scale AGRO export coach.
Im reaching out to you because I found out we are on the same group (Nairaland.com.
I have a blog that educates subscribers, how to run a successful agro, food item and solid mineral export without any issue in return. We have trained over 200 persons so far since starting via different methods.
You can also check out our blog site – http://www.henryopute.com/blog
You will love the information.
Whats you are going to get from our blog info are:
1) How to source clients
2) How to run a proper export business from home/office…
3) What to do after sourcing buyers
4) Export requirements
etc….
Please let me know if youre interested.
Thank you for your time,
Albert
cialis dosage https://cialiswithdapoxetine.com/# – best prices for cialis 20mg
vegas slots
free no downloads slots
vegas grand slots
doctoral dissertation help your
cheap dissertation writing
phd dissertation writing service
how to cite a dissertation
mba dissertation writing services
help with writing dissertation proposal
write your dissertation
writing a dissertation introduction
writing tutor
doctoral dissertation help thesis
dissertation service
dissertation meaning
getting help online
define dissertation
dissertation writing software
dissertation help service general
uk dissertation writing help online
what is a dissertation paper
dissertation defense questions
whats a dissertation
dissertation write
service writing
dissertation literature review
writing a literature review for a dissertation
masters dissertation writing services
writing my dissertation
thesis defense
dissertation help scam
dissertation examples
proposal writing company
uk dissertation writing
dissertation writing uk
doctoral dissertation help qualitative
doctoral dissertation writing assistance
writing a masters dissertation
art dissertation help
casino deposit bonus
online casino games real money
internet casino bonus
edd dissertation topics
tips on writing a dissertation
dissertation only phd
best online casino real money
online gambling reviews
real money casinos
dissertation proposal writing
dissertation writing skills
dissertation proposal writing help
dissertation proposal sample
writing dissertation proposal
sample dissertation
best casino online
free welcome bonus no deposit
mobile casinos for real money
dissertation proposal writing service
dissertation presentation
dissertation proposal writing service
best mobile casino
online casino for real money
best casino welcome bonus
dissertation title generator
dissertation research and writing
writing dissertations
usa casino online
play bingo for real money
casinos online real money no deposit
dissertation proposal writing help
dissertation proposal writing service
dissertation proposal methodology example archived
betonline casino
sign up bonus no deposit
online casinos no deposits
best no deposit bonus online casino
online blackjack for real money
no deposit casino online
online spins
no deposit sign up bonus casino
usa casino online
mobile online casinos
casinos online real money
online casino no deposit
real casino games
best mobile casinos
top online casino real money
casino online bonus
biggest online casino bonuses
us casinos online
best vpn for ubuntu
best phone vpn
best free vpn for windows
bingo online for money
best online casino reviews
real cash online casino
best free vpn for mac
best torrent vpn
100% free vpn
welcome bonus casino
online casino no deposit bonus 2021
more casino games
free vpn chrome
best vpn for firestick
vpn review
top online casinos usa
real money casinos
casino bonus
real online gambling
blackjack payout
top casino site
avast vpn license file
best free windows vpn
best free vpn for chromebook
top online casino
casino no deposit sign up bonus
free money no deposit casino
free vpn server
best vpn for fire stick
best vpn for public wifi
10 best vpn services
free vpn netflix
buy vpn with paypal
online casino games real money
internet casino bonus
casino no deposit sign up bonus
real online casino
win real money online casino for free
usa casinos online
best private vpn
nord vpn free trial
uf health vpn
deposit bonus casino
best online casino reviews
united states online casino
gay dating sites for seniors
senior gay hiv dating sites
gay latino’s, dating site’s
dating gay anacortes
amateur after dating gay sex
gay dating in little rock
woman ‘why can’t i stop dating gay men?’ 2018
cruise gay dating
most famous gay dating site
tinder online
free dating and chatting
online free dating service
a free dating site
best online dating and chatrooms travel
dating website
connecting singles dating site
plenty of fish login
my dating sites
gay boys in tampa fl dating
chicago gay dating hotlines free
taimi gay dating
gay dating appd
free gay dating apps
gay male dating app
100% inspektion
plenty of fish login page
dating site asian
adam for adam gay online dating hookups
gay dating stockdale texas
gay male dating
internet dating sites
local free personal ads
adlt dating
real money casinos
real money casino no deposit
casino no deposit free bonus
websites online
freedating
zoosk login
blackjack online real money
top online casino real money
win money online
best free dating site
free singles
christian dating sites
gay chat with married men
live gay young male sex chat rooms
in gay chat what is an poz?
gay men webcam chat rooms
atlanta gay phone chat
omegle gay chat
best gay chat rooms
gay chat cam rabdom
free gay webcam chat rooms
gay sex chat
gay chat ca,
gay chat phone line lockerroom
gay bisexual chat rooms
free chat with men – live gay cams, free gay webcams at chaturbate
gay voice chat
live gay chat lines
gay pnp free chat denver
freer gay chat rooms
free gay chat roulette
free gay sex chat fcn
sacramento gay chat
free gay phone chat men’s room
amature gay video chat
gay bi text chat
gay priesy chat
gay chat cam
gay chat room carneys point
gay bear chat
gay live chat rochestervideo
gay video chat room
gay senior chat
chat aveneu gay
free gay random webcam chat
world best dating sites
senior bi log in
dating team
fdating login
dating online chat and meet
freeadultdating
adult-daiting site
free free
dating sites free no registration
sz dating seiten
free dating services
free on chatting
free dating site
dating games
single woman dating for free
essay introduction help
argumentative essay helper
essay writing help
please write my essay
definition essay help
custom writing essays services
custom law essay
research essay help
help me write a compare and contrast essay
essay writing services singapore
write my essay service
custom essay station
help with scholarship essays
best essay websites
psychology essay writing services
best custom essay website
custome essay
best essay writing service reviews
do my essay for me cheap
write my essay review
good essay writing service
professional essay help
write my essay 4 me
essay paper writing service
essay services reviews
essay help chat room
best essay writing websites
the help essays
how can i pay someone to write my essay
compare and contrast essay help
help with essays
custom essay writing cheap
help write essay for me
write my history essay
best essay writing service website
pay you to write my essay
essay writing service us
easy essay help
college essay writing service
custom essay cheap
i need help on writing an essay
order custom essays
wwwi.odnoklassniki-film.ru
what is the best essay writing service
buy custom essay online
best custom essay service
help with essay writing
help me essays
fast custom essay
civil service essay
write my college essay for me
college essay help long island
essay writers
i need help to write an essay
online essay writing service
writing essay services
admission college essay help
someone write my essay
someone write my essay for me
professional grad school essay writers
college application essay services
history essay help
college admission essay help
essay about military service
admission essay writing services
rutgers essay help
best online essay editing service
custom essay meister review
helping writing essay
online help with essay writing
buy cheap essays
professional essay editing service
custom essays no plagiarism
the help book essay
help me write an essay
write my college essay
us based essay writing service
write my history essay
urgent essay help
buying an essay
help in writing essay
best custom essay sites
help with coursework
buy coursework
custom coursework writing
Пацаны 1 сезон