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How To Apply For Bank Of Industry (BOI) Loan – See Guidelines And Requirements

Every business needs a lot of things. The most important of the needs is finance. No matter how lofty the business plan is, if there is no fund or capital, the dream is as good as nothing. So, whether as start-up or existing business that needs funds to expand, we have good news for you. We want to show you How To Apply For Bank Of Industry (BOI) Loan. The loan is upto #10 m (10 million naira). We will show you how here.

The Bank Of Industry (BOI) loan is open to all Nigerians between ages 18 to 40. To loan is 0% interest. We will show you How To Apply For Bank Of Industry (BOI) Loan. We will also list out the requirements for you here. The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorized share capital of 2 million (GBP). Are you ready?

Also See: How To Register For Bank of Industry Youth Ignite Initiative Project

How To Apply For Bank Of Industry (BOI) Loan

Before you apply for this loan, here is all you need to know.

  1. Your business can be Small, medium and large enterprises, excluding cottage industries.
  2. Any New or existing companies, seeking expansion, modernization or diversification
  3. Clients with demonstrable ability to meet loan repayments
  4. To get business loan from Bank of Industry you must have no record of unpaid loans to erstwhile development finance institutions and other banks
  5. Any applicants with Credit worthy promoters who will be required to prove their commitment to the project by contributing at least 25% of the project cost excluding land.
  6. Applicants whose management capability, financial situation (including availability of collateral and guarantee), character and reputation are incontrovertible
  7. Passed the process of screening via https://www.boi.ng/apply/register
  8. Filled the Bank of Industry Loan application form
  9. Submitted a potential successful business plan.

Also See: List Of All Nigerian Banks That Give Loans For Business

Requirements

  • Formal letter of Application
  • Photocopy of Certificate of Registration or Incorporation
  • Of the Certified True Copies of Forms C02 and C07
  • A photocopy of the Certified True Copy of Memorandum and Articles of Association of the Company
  • Feasibility Study Report (4 copies)
  • Quotations for items of equipment (at least 2 or 3 quotations from different sources), where applicable
  • Three (3) years most recent Audited Accounts of the company (for existing company)
  • Organizational Structure and Management of the company
  • Declaration of total outstanding liabilities of the company
  • Statement of Account for the past six months from the company’s bankers
  • Completed copy of Bank of Industry Questionnaire
  • Eight recent Passport photographs of each of the two Directors and the Company Secretary
  • Acceptable Securities shall include a charge/security interest over all of applicant’s assets, copyrights, rights etc
  • Three (3) years most recent Tax Clearance Certificate for the Company and two (2) Directors.

Also See: List Of Financial Empowerment programs For Nigerian Youths

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