If you are a business man in Nigeria and you want to know more about the Bank of Industry Bank of Industry LoanLoan, then you are lucky coming across this article. This page contains important information such as the requirements, and how to apply for the Bank of Industry Loan in Nigeria, 2019.
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.
The Bank of Industry is targeted at financing plants and equipments, in a bid to promote the industrial sector of the economy, but does not actively involve itself with financing raw materials, lands and buildings.
Also read: 10 Major Economic Problems in Nigeria Today and Their Solutions
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 favourable 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 equipments, 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 applicant’s assets, copyrights, rights etc
The loan application form can be accessed from: HERE
List of Businesses Eligible for Bank of Industry Loan
It is important for you to note that not all businesses are qualified to seek for this loan. Below are list of eligible businesses that can benefit from the Bank of Industry (BOI) Loan.
- Adire (Tie and Dye)/Aso Oke
- Animal Feeds
- Aquaculture
- Bakery
- Blocks and Interlocking Stones
- Bottled Water
- Ceramics & Tiles
- Chemicals and Paints
- Cosmetics/Hair Products
- Dairy
- Digital Printing/Multimedia Publishing
- Doors and Window Frames
- E-Commerce/Information & Communications Technology (ICT)
- Fashion/Garmenting
- Fish Smoking/Drying
- Food Processing (comprising processing of agricultural products)
- Foundries/Metal Fabrication/3-D Printing
- Fruit Juice
- Furniture/Wood Processing
- Gemstones
- Greenhouses
- Laundry and Dry Cleaning
- Leather/Footwear
- Liquefied Petroleum Gas/Compressed Natural Gas
- Meat Processing
- Mechatronics
- Health Care (Medical Diagnostics)
- Laboratory/Orthodontist/Ophthalmology/Physiotherapy)
- Movie Production (Nollywood)
- Plastics
- Quick Service Restaurants
- Quarries
- Recycling
- Roofing Sheets
- Soaps and Detergents
- Solar (off grid)
- Technical/Vocational Schools (Offering City & Guild Certificate)
- Theme Parks
- Water Transportation Riverine
- Light Manufacturing (Paper, Roofing Sheets, lube blending, Paints etc)
- Grocery packaging
How to Apply for Bank of Industry Loan online – the Loan Application Portal
The portal was created 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.
Steps on how to use the portal:
- Launch the website on your browser (www.boi.ng/apply)
- 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.
This information sums up all you need to know on how to apply for the Bank of Industry Loan, 2019 in Nigeria, and also revealing its major requirements. Feel free to share this post by using the social share icons on this page. You never know the friend of yours on various social media that might be needing this information.
