Bank Of Industry (BOI) Ltd is one of the major banks in Nigeria that provide financial help to businesses and industries.
BOI is known for giving monetary help for the establishment of large, medium and small scale businesses in Nigeria.
It also provides help for extension, enhancement and modernization of existing ventures and restoration of feeble ones.
Bank of Industry’s mainly targets industries and processing businesses such as;
- Solid mineral,
- Information Technology,
- Oil and Gas, and
- Creative Industry.
Bank of Industry was incorporated in 1964 as the Nigerian Industrial Development Bank (NIDB) Ltd.
NIDB is the oldest, most established and biggest financial institution in Nigeria.
In the year 2001, NIDB was restructured into and renamed as BOI.
The NIDB upgrade to BOI in 2001 was a conscious activity by the government of Nigeria to put the bank in a superior position to release its obligations in an increasingly effective, beneficial, and centered way.
And this was accomplished through the recapitalization of BOI to a tune of N250 billion in the same year.
BOI has its headquarter in Lagos and workplaces in each geo-political zone in Nigeria and in Abuja (FCT).
In 2016, the Bank of Industry officially launched an N10 billion Youths Entrepreneurship Support (YES) fund to enable young Nigerians to start a business.
Requirments for accessing Bank Of Industry (BOI) loan
Below are businesses that qualify for Bank of Industry loan;
1. Small, medium and large-scale business (not including Cottage industries)
2. New or existing organizations, looking for extension, modernisation or expansion.
3. Credit-commendable advertisers who will be required to show their promise to the task by contributing not less than 25% of the project cost (land not included).
4. Borrowers whose administration capacity, budgetary circumstance (counting the accessibility of insurance and certification), character and notoriety are undeniable.
5. Customers with self evident capacity to meet loan reimbursements or repayment.
6. Borrowers with no record of unpaid loans with any financial institution.
BOI criteria for project selection
BOI needs your company or businesses to have the capacity for jobs creation and poverty reduction in Nigeria.
In a nutshell, the Bank of Industry gives loans to industries that meet the following criteria;
- Industries that have the ability to substantially add to industrial yield,
- Use domestic raw materials for production,
- Industries where Nigeria’s comparative advantages could be changed over to competitive advantages.
- Industries that have the ability to increase exports through the creation of high-quality products appealing to household and export markets.
- Produce quality products for worldwide utilization.
- Engage in activities that make both forward and backwards linkages, with the rest of the household or local economy.
- Industries that promote inter-state or local incorporation.
- Small and medium industries that have a link with large firms belong to cluster and work under franchise.
- Industries with high employment creation capacity.
- The project must be in fact attainable, monetarily reasonable and financially alluring.
- Environmental friendly projects
- Industries that have great administration set-up and bookkeeping techniques
- Industries promoted by women entrepreneurs.
Industries subsectors that are given priority in project selection are;
- Solid minerals
- Textile and leather Polymer industries
- Information technology (ICT)
Requirements for Bank Of Industry Loans
Organizations aiming to access loan from BOI need to meet the following requirements;
- Must provide collateral worth not less than 150% of the loan you are asking
- Application letter
- Photocopy of certificate of registration or incorporation
- Confirmed True copies of forms C02 and C07
- A photocopy of the Certified True Copy of Memorandum and Articles of Association of the Company.
- Four (4) copies of a feasibility study report.
- Quotations for items of equipment (2 – 3 quotations from various sources), where applicable.
- Three (3) years latest Audited Accounts of the organization (for an existing organization).
- Hierarchical Structure and Management of the organization.
- Three (3) years latest Tax Clearance Certificate for the organization and two Directors.
- Recent Passport photographs (8 copies) of every one of the two Directors and the Company’s Secretary.
- Bank of Industry completed Questionnaire (one copy).
- Declaration of all out remarkable liabilities of the organization.
- Statement of Account for as far back as a half year from the organization’s financiers
How to apply for Bank of Industry Loan – the most effective method
1. Go to BOI online portal or any of its branch nearest to you
2. Get the BOI loans’ application form
3. Complete the BOI Questionnaire
4. Submit the completed form via online or to BOI office
The Bank of Industry would not tolerate any fraud, corruption, misrepresentation, or other malpractice.
BOI is focused on working in a genuine and straightforward way.
Note that the BOI isn’t only a bank worried about giving you loan. They are also interested in the success of your business.