The bank of industry is a parastatal under the Federal Ministry of Industry, Trade and Investment, with a primary objective to provide financial aids for the establishment of large, medium and small projects. This body also helps businesses in the expansion, diversification, and modernization of other existing enterprises. (Wiki)
The Bank of Industry is targeted at financing plants and equipment, in a bid to promote the industrial sector of the economy, but does not actively involve itself with financing raw materials, lands and buildings.
Not so long ago, BOI launched an N11 billion empowerment program, tagged “The 0% Entrepreneurship Fund”, for unemployed Nigerian youths, to help promote entrepreneurship among youths, while creating a favorable environment for them to start their own businesses through easily serviced loans.
Criteria and Requirements to access the Bank of Industry Loan
A well written formal letter of application
* A copy of your certificate of business registration or incorporation
* Certified forms C02 and C07
* A copy of your certified true copy of memorandum and articles of association of the company
* 4 copies of your feasibility report
* Organizational structure and management
* Most recent audited accounts of the company if it had been in existence
* Quotations for items or equipment, from different sources
* Completed BOI questionnaire
* Declaration of outstanding liabilities
* Passport photographs
* Tax clearance certificates
* Acceptable Securities shall include a charge/security interest over all of the applicant’s assets, copyrights, rights, etc.
How to apply for Bank of Industry loan online – The Loan Application Portal
The portal was created for prospective SME customers who do not want to physically visit the bank to submit their forms. It also has the advantage of shortening the loan processing Turn-Around-Time (TAT) of the Bank. The portal has document uploading capability as well as allows the loan applicant select the preferred BOI State Office location where the application will be processed.
The loan application form can be accessed from www.boi.ng/apply
Steps on how to use the portal:
* Launch the website on your browser
* Click on the “Apply for loan now” call to action
* Fill in the form and hit the “Register here” button
* Check your email address for verification link and tracking code, and click to validate your account
* Once logged in, you can complete the form
A mail will be sent to you on successful application.