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).The Bank of Industry (BOI) is a parastatal under the Federal Ministry of Industry, Trade and Investment, with a primary objective to provide financial aids and support for the establishment of small scale, medium and large scale projects. The bank as a development bank focuses on helping businesses in the expansion, diversification, and modernization of other existing enterprises. The focuses more on existing business and only finance plants and equipment, in a bid to promote the industrial sector of the economy, but does not actively involve itself with financing raw materials, lands and buildings. To obtain loan successfully from the bank, there are some requirements you must meet. We will list all the requirements and the steps to follow to raise fund from the bank successfully. Criteria and Requirements to access the Bank of Industry Loan
Eight (8) things you should know before you commence your application on this platform1. 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 check below to see the list of SME product clusters that BOI supports. 1. Adire (Tie and Dye)/Aso Oke 2. Animal Feeds 3. Aquaculture 4. Bakery 5. Blocks and Interlocking Stones 6. Bottled Water 7. Ceramics & Tiles 8. Chemicals and Paints 9. Cosmetics/Hair Products 10. Dairy 11. Digital Printing/Multimedia Publishing 12. Doors and Window Frames 13. E-Commerce/Information & Communications Technology (ICT) 14. Fashion/Garmenting 15. Fish Smoking/Drying 16. Food Processing (comprising processing of agricultural products) 17. Foundries/Metal Fabrication/3-D Printing 18. Fruit Juice 19. Furniture/Wood Processing 20. Gemstones 21. Greenhouses 22. Laundry and Dry Cleaning 23. Leather/Footwear 24. Liquefied Petroleum Gas/Compressed Natural Gas 25. Meat Processing 26. Mechatronics 27. Health Care (Medical Diagnostics) 28. Laboratory/Orthodontist/Ophthalmology/Physiotherapy) 29. Movie Production (Nollywood) 30. Plastics 31. Quick Service Restaurants 32. Quarries 33. Recycling 34. Roofing Sheets 35. Soaps and Detergents 36. Solar (off grid) 37. Technical/Vocational Schools (Offering City & Guild Certificate) 38. Theme Parks 39. Water Transportation Riverine 40. Light Manufacturing (Paper, Roofing Sheets, lube blending, Paints, etc) 41. Grocery packaging here to see how you can apply under the BOI matching Fund or the BOP scheme.
- 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.
Relevant Documents Checklist
|Micro Credit||SME/Large Enterprise|
|1. Formal Letter of Application 2. Photocopy of Certificate of Registration 3. Constitution and Bye-laws of Cooperative Society (only for Cooperative Societies) 4. Business Plan 5. Four (4) passport photographs of the Promoter (business owner) 6. Photocopy of the Current Tax Clearance Certificate of the Business Enterprise and the Promoter. 7. Photocopy of International Passport or Driver’s License or National Identity Card of the Promoter. 8. Bank Statement of the Business Enterprise for a period of one (1) year (for existing business). 9. Sales record for six (6) months and operating expenses. 10. Evidence of availability of Collateral Security (e.g. landed property, Individual Guarantor, etc.).||1. Formal Letter of Application 2. Photocopies of Certificate of Incorporation and Certified True Copy of Memorandum and Articles of Association of the Company. 3. Photocopies of the Certified True Copy of Forms C02 and C07. 4. Business Plan. 5. Photocopy of title documents to project site (Statutory Certificate of Occupancy or Deed of Assignment). 6. Photocopy of Title Documents (Statutory Certificate of Occupancy or Deed of Assignment) to the Collateral Security. (This must be a landed property in an urban center). 7. Approved Building Plan (If new building). 8. Bill of Quantities or Contractor’s Estimate of Cost to be incurred on Factory Building. 9. Valuation Reports on Factory Building(s) (for existing projects) and property offered as Collateral Security. 10. Quotations for items of plant and machinery (at least 3 quotations from different sources). 11. Three (3) years most recent Audited Accounts of the company (for existing company). 12. Three (3) years most recent Tax Clearance Certificate for the Company and two (2) Directors. 13. Four (4) recent passport photographs of each of the two Directors and the Company Secretary. 14. Evidence of appointment of a Company|