Bank of Industry gives loan out to interested industries, did you just hear that, “industries”. There is no need to panic if you are an individual and wanna process loan from Boi.
Bank Of Industry is among the major financial institution that has been well known for a considerable long term loan.
But can an individual seek a loan from Bank Of Industry?
Hey friend, have told you not to panic, there are ways to get loan
Bank of Industry was formerly Nigeria Industrial Development Bank from 1964 and got a name change in 2001as Bank Of Industry.
“Please Note: I will be using BOI as Bank of Industry. Thanks👍”
BOI has the license to provide financial assistance (to who?). That was why I said you should not panic large , medium, small enterprises and also for rehabilitation of ailing projects, expansion and diversification, structural upgrade of existing Enterprise.
Let’s save the story and history of BOI and get to the main aspect of their loan.
What Makes Me Qualified To Access Loan On BOI?
Pointing to the facts that said they issue loan only to enterprises, so as an individual this is what you should know about their requirements so you can check if you are qualified for it.
1. SMEs, Small,medium and large scale entreprises not including cottage enterprises.
2. Existing or New enterprises that wanna expand, modernise and also seeking diversification.
3. Clients who demonstrate ability of repayment.
4. Borrower who does not have a record of unpaid loans
Bank Of Industry Loan Requirements
“Looking at this it sounds grrrrh, you taking a loan that requires 150% of your real life collateral to take a loan.”
Businesses intending to access loans from the bank need to meet the following criteria.
Collateral worth at least 150 percent of your intended loan facility.
A formal letter of Application
Photocopy of Certificate of Registration or Incorporation
Certified True Copies of Forms C02 and C07
A photocopy of the Certified True Copy of Memorandum and Articles of Association of the Company.
Feasibility Study Report (4 copies)
Quotations for items of equipment (at least 2 or 3 quotations from different sources), where applicable.
Three (3) years most recent Audited Accounts of the company (for existing company).
Organizational Structure and Management of the company.
Three (3) years most recent Tax Clearance Certificate for the Company and two (2) Directors.
Eight recent Passport photographs of each of the two Directors and the Company Secretary.
A completed copy of Bank of Industry Questionnaire.
Declaration of total outstanding liabilities of the company.
Statement of Account for the past six months from the company’s bankers
Acceptable Securities shall include a charge/security interest over all of the applicant’s assets, copyrights, rights etc. and on the equipment/ assets financed and/or the under-listed securities among others.
Registered Intellectual Property/Proprietary Assets. Assignments of all agreements and Intellectual Property Rights (IPRs) to BOI. The Bank would have right in the negotiation of valuation of IPRs.
Joint and Several Guarantees of the Directors of Applicant Company with Notarized Statement of Net Worth.
Provision of Guarantee cover issued by any financial institution acceptable to the bank.
Insurance cover from any acceptable/reputable insurance company for short-term lending BOI has built reputation upon a solid foundation ohat can\’t be found elsewhere for such integrity, so BOI won\’t concur to any act of fraudulent actsor dishonest way of malpractices, all activities are done in transparency\”\n\”It is important to note that the BOI is not just a financial bank concerned with providing you with financial loans, but are very much interested in the end result which is sucess👍\”of not more than one year.
Marketable financial instruments.
Assignment of receivables/lien on proceeds/deposits and the right of set-off.
First hypothecation charge on all the tangible moveable assets under the project.
Ordinary producers would be required to bring in at least 25 percent of the project cost as promoters’ contribution.
Producers would be required to tie up the advances from the Distributors to cover 35 percent to 40 percent of the budget.
A Trust and Retention Account (TRA) may be maintained for all capital as well as revenue inflows and outflows. Thus receivables on the sale of all IPRs would be credited to TRA. The modalities of TRA would be worked out on a case-by-case basis to the satisfaction of the Bank, which will have the first charge on the TRA.
What Are The Sectors That BOI looks into For Loan.
Information communication technology (ICT) services
Solid Minerals/Natural Resources
Textile and leather polymer based industries
How To Apply For BOI loan?
There are just few easy steps to apply for loan from BOI which is very easy to even an internet newbies
Here are the steps
Visit the BOI website or any of the bank branches located in the geopolitical zone nearest to you.
Collect the Bank’s forms
Complete the questions that are there BOI
Click “Submit” to Submit your forms
Download copy(ies) of the forms you completed as you may need it anytime
“BOI has built reputation upon a solid foundation ohat can’t be found elsewhere for such integrity, so BOI won’t concur to any act of fraudulent actsor dishonest way of malpractices, all activities are done in transparency
It is important to note that the BOI is not just a financial bank concerned with providing you with financial loans, but are very much interested in the end result which is sucess👍”