Bank of Industry Reopens Loan Application portal , How to Apply for BOI Loan at www.boi.ng
The Bank of Industry (BOI) has reopened its application portal for interested businesses candidates to apply for N22Billion FG BOI Loan fund
How to Apply for 2022 Bank of Industry Limited (BOI) Loan
The Bank of Industry Limited (BOI) is Nigeria’s first, largest, and most successful development bank. It was rebuilt in 2001 from the remnants of the Nigerian Industrial Development Bank (NIDB) Limited, which was founded in 1964. The bank began operations in 1964 with a 2 million authorized share capital (GBP).
The International Finance Corporation, which produced its first CEO, retained 75% of the company’s shares, together with a number of domestic and foreign private investors. Although the bank’s authorized share capital was initially fixed at N50 billion following NIDB’s reconstruction into BOI in 2001, it has now been expanded to 250 billion to better position the bank to address the nation’s expanding economic profile in accordance with its mandate.
Following a successful institutional, operational, and financial restructuring program that began in 2002, the bank has transformed into an efficient, focused, and profitable institution that is well positioned to carry out its primary mandate of providing long-term financing to the Nigerian economy’s industrial sector.
We provide funding to startups, SMEs, and major organizations. And by access, we mean that we make the entire process easier, beginning with the pre-loan application.
The Bank of Industry Limited (BOI) seeks to provide financial help for the formation of big, medium, and small projects, as well as the expansion, diversification, and modernization of existing businesses, as well as the rehabilitation of existing ones.
Bank of Industry (BOI) Loan Application Form 2022/2023 (Up to N5M)
The Bank of Industry (BOI) has reopened its application portal for interested businesses to apply for N22Billion FG BOI Loan fund
Application Form for 2022/2023 is in progress and interested and suitable businesses are to
follow all the guides and processes to apply for the loan
Up to N5M can be applied for, if your business meets all the application requirements and
repayment plan
For clarity, the N22Billion Bank of Industry (BOI) Loan is for startups, SMEs, and large enterprises,
who are finding it hard to finance their businesses and need FG intervention, these funds have
been approved and are ready to be disbursed
Loan Requirements and Qualifications
- Marketable financial instruments
- Legal mortgage on landed property
- Bank guarantee
- External guarantors with a known statement of net worth
- A formal letter of application
- A photocopy of the certificate of incorporation
- A standard feasibility study report
- Copies of passport photographs
- Company’s organizational structure and management
- Three years’ most recent tax clearance for the enterprise
Bank of Industry (BOI) Loan Application Form 2022/2023 (Up to N5M)
Mandate
The bank of industry targets businesses that engage in manufacturing and processing activities.
Target sub-sectors include Agro-processing, Solid Minerals, Information Technology, Oil and Gas,
and Creative Industry. Please click here to see the list of SME product clusters that BOI supports.
If your product is not listed here and you think it should, please provide information on your
product here for review by our technical team.
Entities that BOI Finances
Bank of industry only finances enterprises or companies and not an individual person or group of
persons.
The company/enterprise must be duly registered and you will be required to provide the registration number for a Limited Liability Company or business name for an enterprise before you can proceed with your application.
The bank is principally set up to finance industrial equipment used in manufacturing.
Items that BOI can finance
- The Bank does not finance land and building which are expected to be financed from equity.
- You can also access your working capital requirements from any of the ten (10) SME-friendlybanks that the
- Bank of Industry partners with at a Monetary Policy Rate plus 6 percent.
Mode of disbursement
- The bank does not disburse the loan to the borrower in cash but to the vendors and suppliers ofthe equipment that the loan application is for.
- The amount that can be financed by BOI
- BOI’s loan support to the SME starts from N5 million. However, loans below N5 million areprovided on our matching fund platform which is operated in collaboration with various stategovernments, and on our Bottom of the Pyramid (BOP) scheme which is operated throughMicroFinance Banks.
Collateral requirements
- As part of the fiduciary responsibility in managing funds under its care, the Bank of the industryrequires that you pledge some assets to secure your loan.
- However, the Bank also accepts other forms of security subject to adequate coverage of the loanbeing provided to you.
Types of security the Bank accepts include:
External Guarantors with Notarized statement of Networth for loans below N10 million.
Please note that the Bank is willing to share assets previously pledged to other lenders provided
the Bank’s loan is adequately covered in the arrangement.
Also, note that the Bank is willing to accept third-party collateral.
Startup businesses
While the Bank under its general risk acceptance criteria requires a prospective borrower to have at least three years of acceptable performance track record, it can also lend to start-ups at its discretion and on a case-by-case basis.
A startup would need to provide proof of cognate experience in its business area and would need to have a highly qualified management and operational team with sound management structures.
You need to support your application with some documents
Please click here to see the list of the documents you should be prepared to upload while you apply on this platform Bank of Industry (BOI) Loan Application Form 2022/2023 (Up to N5M)
Apply here https://apply.boi.ng/.
