Bank of Industry (BOI) Loan Application Form Portal & How to Apply

Bank of Industry (BOI) Loan Application Form Portal & How to Apply: Are you looking for how to apply Bank of Industry loan? Do you want to access the BOI loan portal? Do you intend to apply for Bank of Industry (BOI) loan application form? If then, this page is all you need to get started.

Bank of Industry loan application portal is ongoing. In this article, you will get vital information regarding the Bank of Industry, BOI Loan application form portal and how to apply. Everything you need to know about the BOI loan is here. Pay close attention to every detail on this page. Continue reading for more information.

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Bank of Industry (BOI) Loan Application Form Portal.

The Bank of Industry (BOI) was established by the Federal Government of Nigeria with the mandate of providing financial assistance (Loan) for the establishment of large, medium and small projects as well as the expansion, diversification and modernisation of existing enterprises; and rehabilitation of existing ones in the country.

1. Scope
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. Businesses in these categories are accord priority.

2. 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.

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3. Items that BOI can finance
The bank is principally set up to finance industrial equipment used in manufacturing. The Bank does not finance land and building which are expected to be financed from equity.

4. 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.

5. Amount that can be financed by BOI
BOI’s loan support to the SME starts from N5 million. However, loan below N5 million is provided on BOI 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.

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

7. Startup businesses
While the Bank under its general risk acceptance criteria requires a prospective borrower to have at least three years 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 structure.