How To Get A Loan From Bank Of Industry (BOi)
The Bank of Industry is an initiative by the Federal Government of Nigeria to provide funds and assistance for the Small and Medium Scale Entreprises (SMEs) in Nigeria. The initiative is aimed at helping entrepreneurs who are finding it hard to procure start-up funds for their businesses and are thereby left stranded. Through this initiative entrepreneurs can apply for a certain amount to put their business on the market.
Requirements To Obtain A Loan From The Bank Of Industry
To apply for a loan from the Bank of Industry (BOI) Applicants must possess the following requirements listed below.
Bank Of Industry Collateral Requirements
To obtain a loan from the Bank of Industry, the applicant will be required to provide various forms of collateral to backup the loan. Collateral includes:
Mortgage on a landed property. Mortgage must be legal and the property must be duly registered with a Certificate of Occupancy.
Debenture on assets of the company
External Guarantors with Notarized statement of Networth of loans below N10 million.
Bank Of Industry Startup Businesses
Bank of Industry SMEs loans are strictly for startup businesses, you are required to have at least three years acceptable performance track record before you can apply or get approved for a loan.
Bank Of Industry Other Requirements
Applicant must provide a Business Plan
Photocopies of title documents to project site (Statutory Certificate of Occupancy or Deed of Assignment)
Evidence of availability of Collateral Security (e.g. landed property, Individual Guarantor, etc.).
Sales record for six (6) months and operating expenses.
Photocopy of the Current Tax Clearance Certificate of the Business Enterprise and the Promoter.
How to Apply for a Loan from the Bank of Industry
Log on https://www.boi.ng/
After reading through the instructions, click on register to begin your registration process
Select the required amount for the loan and the sector of your business.
Fill other necessary information and click on register.
You are required to have an active email address before registering for you to receive updates on the status of your application.
Other Necessary Information
The Bank of Industry offers loan support starting from an amount of N5 million for SMEs. However Micro business that wish to apply for loans below the minimum amount (which is N5 million) will be put in a matching fund platform which is operated in collaboration with various state governments and on the Bottom of the Pyramid (BOP) scheme and also operated through MicroFinance Banks.