BOI loan : The Bank of Industry (BOI) has Reopened Loan Application Portal. kindly follow the guideline below to apply
The Bank of Industry (BOI) has reopened its application portal for interested businesses candidates to apply for N22Billion FG BOI Loan fund
Application link https://apply.boi.ng/.
Before you can successfully apply for the BOI loan You need to support your application with some documents
Requirements for BOI Loan
According to this article, the BOI was established to support new and existing firms, such as corporations and other industries.
When applying for a loan through the BOI, intending loan seekers from the large governmental loan sections should have the following eligibility:
- Established marketable financial instrument
- Have a legal mortgage on landed property
- Ensurance of Bankguarantee
- External guarantors whose net worth is known or stated
- Official awareness of application as a formal letter
- Photocopy of certificate of incorporation
- Presentation of a well-recognized and made feasibility study
- Some copies of passport
- Company, organizational structure, and management
- Finally, as a business, three years of most recent tax clearance is also needed.
Is the (Bank of Industry) BOI Loan for Everyone?
No, the answer is “no.” This is done to assure a prompt return and to instill trust in one another. As a result, the bank is confident in lending only to well-known organizations or financial enterprises that have gotten their business registration number as a limited liability company or a company with a business name as an enterprise before fully applying for the loan.
And to emphasize the bank’s goal toward established enterprises, which is to ensure that companies that have received loans remain both materially and manpower stable. The same applies to company owners.
Aside from that, the bank disregards the aid of financing equity-based land and buildings. In addition to the above inscription, the bank urges their borrowers seeking a loan of less than 5 million to access it through banks with which they have collaborated as SME-friendly banks, as specified interest is necessary while refunding the loan principally approximately 6% of its value.
