How to Apply for Bank of Industry (BOI) Loan- All you need to Know

How to Apply for Bank of Industry (BOI) Loan- All you need to Know

How to Apply for Bank of Industry (BOI) Loan- All you need to Know- Welcome again to this week on eHOW section this week we will be looking at How to Apply for Bank of Industry (BOI) Loan- All you need to know. If you are a startup company or probably looking for money for that your business you may want to take that 10 minutes of your time to read this post.

How to Apply for Bank of Industry (BOI) Loan- All you need to Know

How to Apply for Bank of Industry (BOI) Loan- All you need to Know

As you know to start a business in Nigeria could be very challenging mostly when you do not have the require capital to start. This leaves many young entrepreneurs to be confused, but not to worry w are here to help.

What is the Bank of Industry (BOI)? 

The Bank of Industry (BOI) was established by the Federal Government of Nigeria with the mandate of providing financial assistance (Loan) for the establishment of large, medium and small projects as well as the expansion, diversification and modernisation of existing enterprises; and rehabilitation of existing ones in the country.

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  1. Scope
    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. Businesses in these categories are accord priority.
  2. Entities that BOI Finances
    Bank of industry only finances enterprises or companies and not an individual person or group of persons. The company/enterprise must be duly registered and you will be required to provide the registration number for a Limited Liability Company or business name for an enterprise before you can proceed with your application.
  3. Items that BOI can finance
    The bank is principally set up to finance industrial equipment used in manufacturing. The Bank does not finance land and building which are expected to be financed from equity.
  4. Mode of disbursement
    The bank does not disburse the loan to the borrower in cash but to the vendors and suppliers of the equipment that the loan application is for.
  5. Amount that can be financed by BOI
    BOI’s loan support to the SME starts from N5 million. However, loan below N5 million is provided on BOI matching fund platform which is operated in collaboration with various state governments and on our Bottom of the Pyramid (BOP) scheme which is operated through MicroFinance Banks.
  6. Collateral requirements
    As part of the fiduciary responsibility in managing funds under its care, Bank of the industry requires that you pledge some assets to secure your loan. However, the Bank also accepts other forms of security subject to adequate coverage of the loan being provided to you. Types of security the Bank accepts include:

    • Legal mortgage on 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.

    Please note that the Bank is willing to share assets previously pledged to other lenders provided the Bank’s loan is adequately covered in the arrangement. Also, note that the Bank is willing to accept third party collateral

  7. Startup businesses
    While the Bank under its general risk acceptance criteria requires a prospective borrower to have at least three years acceptable performance track record, it can also lend to start-ups at its discretion and on a case-by-case basis. A startup would need to provide proof of cognate experience in its business area and would need to have highly qualified management and operational team with a sound management structure.
  8. You need to support your application with some documents

Below are lists of the documents you should be prepared to upload while you are applying for loan with Bank of Industry(BOI).

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How to Apply for Bank of Industry (BOI) Loan


  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 an 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



  • Visit the website at
  • Scroll down to registration and provide a ‘YES or NO’ answer to the question of whether your business is registered or not.
  • If YES you will proceed, go ahead and fill the form and click the “Register” button

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