Bank of Industry (BOI) Loan Application Form 2024/2025 (Up to N5M)

Bank of Industry (BOI) Loan Application Form 2024/2025 (Up to N5M): The Bank of Industry (BOI) has reopened its application portal for interested businesses to apply for an 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 2024/2025 (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-friendly banks that the Bank of Industry partners with at a Monetary Policy Rate plus 6 percent.

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Mode of disbursement

The bank does not disburse the loan to the borrower in cash but to the vendors and suppliers of the 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 are provided on our matching fund platform which is operated in collaboration with various state governments, and on our Bottom of the Pyramid (BOP) scheme which is operated through MicroFinance Banks.

Collateral requirements

As part of the fiduciary responsibility in managing funds under its care, the Bank of the industry requires that you pledge some assets to secure your loan.

However, the Bank also accepts other forms of security subject to adequate coverage of the loan being provided to you. Types of security the Bank accepts include:

Legal mortgage on landed property. The property must be duly registered with a Certificate of Occupancy

Debenture on assets of the company

Bank Guarantee

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 2024/2025 (Up to N5M)

Apply here https://apply.boi.ng/.

Bank of Industry (BOI) Loan Application Form 2024/2025 (Up to N5M)