If you are searching for BOI Loan Portal then you are at the right page to get the information you are looking for. Simply make sure you are reading this article till the end to know how you can access the BOI Loan 2021.
The Bank of Industry (BOI) is charged with the responsibility of providing financial assistance to SMEs, MSMEs and other businesses by providing loans to them.
The BOI Loan starts from N5million. Nevertheless, there are smaller amounts for start ups or small enterprises. So if you are thinking of a financial support or assistance for that your business then you will have to visit BOI Loan Portal today.
You can apply for smaller amount of loans through BOI Matching Funds loans that is available at Microfinance Bank.
The Interest rates for BOI Loans is maximum of 10% per annum, while that of loans for working capital is at 12-15% per annum. For a business to access BOI Loan, it must submit valuable asset that can be used as collateral.
Table of Contents
Requirements for BOI Loan
Any business applying for a bank of Industry Loan must possess the following;
- Application Letter
- Certificate of Registration (photocopy)
- Copy of Cooperative’s constitution and Bye-laws
- Business Plan
- Business owner’s passport photographs (4 copies)
- Current Tax Clearance Certificate
- Copy of means of Identification
- Business’ bank Statement for one year
- Record of sales for six months and operating expenses.
- Evidence of Collateral
- Formal Letter of Application
- Copies of Certificate of Incorporation, Certified True Copy of Memorandum and Articles of Association.
- Photocopies of the Certified True Copy of Forms C02 and C07.
- Business Plan.
- Statutory Certificate of Occupancy or Deed of Assignment
- Photocopy of Title Documents to the Collateral
- Approved Building Plan
- The estimate of Cost to be incurred on Factory Building.
- Valuation Reports on Factory Building(s) (for existing projects) and property offered as Collateral Security.
- Plant and machinery quotations
- The Audited Accounts of the business in the last three years
- Tax Clearance Certificate for the Company and two Directors for the previous three years.
- Passport photographs of each of the two Directors and the Company Secretary (4 copies)
- Evidence of Appointment
Method of Application
There are two ways which you can apply for BOI Loan in Nigeria. They are;
- Physical Application: Here, you are expected to visit any BOI centers in the 24 states on the country. Invariably, you can visit Bank of Industry headquarters in Lagos.
- Online Application: On this one, the only thing you have to do is to visit the official BOI Loan Application Portal at www.boi.ng/apply. Fill out your application and submit online.
BOI Loans takes 30 – 40 working days to be approved and another 15 days to be disbursed. So if you are searching a loan facility or a support to grow your business then the Bank of Industry Loan is all you need.
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