Bank of Industry Loan Application | Guidelines, Requirements, How to Apply

The bank of industry opens it's loan application for the year 2020 for small and large enterprise including SME's.


Application promises to be seamless as they promise to facilitate the entire process starting from the pre-loan application.

Possible loan amounts to be granted applicants
Enterprise are allowed up to 10 million Naira loan

Limited liability companies are allowed up to 10 million Naira loan

Large enterprise and SMEs are allowed 10million Naira loan

Cooperative society are allowed up to 10 million Naira laon

Government enterprise and empowerment programmer's(GGEP) are allowed 10million naira.

Requirements for limited liability company loan application- ₦10 million and below.

1. Formal Application on letterhead and duly completed loan application form.

2. Photocopy of Certificate of Incorporation

3. Certified true copy of Memorandum and Articles of Association and Forms CAC 2.5 (Allotment of Shares), CAC 2.3 (Particulars of Directors) and CAC 2.1 (Appointment of Company Secretary)

4. Business Plan to include detailed company profile, Curriculum Vitae of the key Management Staff, write-up on technology/manufacturing process(es) and agreement with Technical Partners (if applicable)

5. Quotation(s)/ Proforma invoice(s) for the supply of item(s) of Machinery and Equipment.

6. Sources and quotation(s) for Raw Materials expressed in quantity and amounts.

7. Means of Identification of the Chief Promoter and one other Director of the company:
(a) Eight (8) passport photographs and Biometrics Verification Number (BVN). 
(b) Photocopy of International Passport or Driver’s License or National Identity Card or Permanent Voter’s Card Means of identification (i.e. photocopy of International Passport or Driver’s License or National Identity Card or Permanent Voter’s Card).

8. Biometrics Verification Number (BVN) of major shareholders of the company.

9. Three years' Audited Financial Accounts and most recent Management Accounts from BOI accredited auditors (for existing business) or Statement of Affairs (for businesses less than one (1) year.

10. Company's Bank Statement(s) for a period of one (1) year (for existing business)

11. Declaration of Outstanding Liabilities to other Banks and Individuals.

12. Two Individual external guarantors with proper means of identification such as BVN, four (4) passport photographs, Identity Cards and Letter of Intent to guarantee the loan.

13. Security: If Landed Property is being pledged as security, then the following:
(a) Photocopy of the Title Document(s) to the property being pledged. This could be a Certificate of Occupancy, Deed of Sublease or Deed of Assignment/Conveyance
(b) Evidence of payment of Ground Rent up to date
(c) Tax Clearance Certificate (TCC) of the owner of the property obtained from the State where the property is located.
(d) Valuation Report from one of BOI's accredited valuers
(e) Four (4) passport photographs and BVN of the property owner
(f) Means of identification of the property owner
(g) Letter of Consent signed by the property owner to mortgage property to BOI
(h) If the property is owned by a limited liability company different from the borrower, then Board Resolution of that company.

14. If operating from a rented premises, lease agreement must have a tenor of at least one year beyond loan tenor.

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