“The loan size to each borrower will be at the discretion of the individual institution, subject to the credit limits stipulated under the Banking Regulations,” the bank said.
Loans secured under the facility would attract an all-inclusive interest rate of 25% percent per annum computed on simple interest basis.
Interest will start accruing from the date the loan is disbursed by Fiscorp Pvt Ltd.
The BACOSSI facility is supposed to revive the availability of basic commodities on the market. Targeted products include milk, non-alcoholic beverages, bread and buns, mealie-meal, flour and stockfeeds.
Other commodities are sugar and salt, cooking oil, edible fats and margarine, bath, laundry soaps and washing powder and toothpaste, cement, agro-chemicals, school uniforms and shoe manufacturing and packaging for basic commodities
The document states that eligible businesspeople must be formally registered under the Companies Act.
Post published in: Economy