Bank of Industry loan requirements in Nigeria

The Bank of Industry Limited (BOI) is one of Nigeria’s oldest and largest banks. The bank is known for being a great supporter for youth start-ups and therefore develops different loan programmes to support Nigerian business. The bank is still working towards developing more programmes to assist companies of different levels. READ ALSO: How to apply for BOI YES programme and get enrolled The BOI’s loans vary in terms of amount and time frames. The highest loan amount is up to N5 million, but in this case, it is provided through a matching fund platform in cooperation with government institutions. Usually, the bank gives more support to the agro-industries, IT, and textile companies. What kind of companies can Bank of Industry support? Small, average, and large companies. Brand new or existing companies that plan to expand and modernize their production equipment. Borrowers who possess great management capability, stable financial situation and good reputation. They must have no history of unpaid loans to financial institutions or any other banks. The documents needed to apply for Bank of Industry’s loans The Bank of Industry offers two types of loans to small companies and large enterprises. When you apply for the loan, make sure to have a right package of documents. Before you start to fill out an application, check out the list of documents needed to apply for the Bank of Industry’s loan: Microloan Bank of Industry’s requirements: An application. Certificate of company’s registration. Detailed business plan. Four passport photographs of the company owner. Copy of the Current Tax Clearance Certificate of the Business Enterprise. Copy of either International Passport or Driver’s License of the company owner. It can be also an ID card. Financial record from the bank for a period of one year (if you have already launched your business). Sales record of the company for a period of six months and the record of all bank operations and expenses. Large companies Bank of Industry’s loans' requirements: Filled out, complete application. Copies of the Certificate of Incorporation. Copies of the Forms C02 and C07. Detailed, written business plan. Approved building plan, if you have a plant or office building. Detailed reports on the factory building and property offered, as a security guarantee. Audited accounts of the company for the last three years, if you have a company. Tax clearance certificate for the company in the last three years. Four passport photographs of two company directors and the secretary. There are a lot of opportunities for Nigerian companies to apply for a loan and get the money they need for a new project or a startup. There are also plenty of youth programmes available to apply for, such as the YES program, If you are determined to give it a try and feel confident about your business idea, then apply for the Bank of Industry Nigeria loan. READ ALSO: Bank of industry YES program 2017/2018