Bank of Industry Loan Application Form and Detailed Steps

– Bank of Industry Loan Application –

This tutorial will primarily focus on the Bank of Industry Loan application process and the requirements involved. Stay well and read on.

The has recently approved the collection of 0% Bank of Industry loan for people with business ideas, which must be between 18-40 years apply now.

Here I will talk about how you can get a business loan from the Bank of Industry simple and 0% Bank of Industry loan requirements.

The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution.

It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an allowed share capital of 2 million (GBP)

This is to inform Nigerian citizens who might be interested in starting a reliable business with a 0% Bank of Industry loan for their own as an individual.

About 0% Bank of Industry loan (BOI)

It is now on the news that the Nigerian Senate has approved the collection of 0% Bank of Industry loans for people with business ideas aged 18 to 40 years.

The Bank of Industry will create the best environment for graduates and non-graduates in Nigeria.

Recently Bank of Industry launched N11 billion empowerment programs tagged “The 0% Entrepreneurship Fund” for Nigerian Youths who are unemployed.

1. Lots of benefits accompany this 0% Entrepreneurship Fund which includes:

2. It will help Nigerians citizens in creating an environment for Nigerians to start their own business

3. It will encourage students and traders to become employers rather than malingering around seeking jobs

4. The 0% Entrepreneurship Fund is for financial help of Nigerian meaningful and less risky

How You Can Get Business Loan Grom Bank of Industry

To get a loan from the Bank of Industry, you must possess the following under listed below:

1. Your business can be small, medium and large enterprises, excluding cottage industries.

2. Any new or existing companies seeking expansion, modernisation or diversification

3. Clients with demonstrable ability to meet loan repayments

4. To get a business loan from the Bank of Industry, you must have no record of unpaid loans to erstwhile development finance institutions and other banks

5. Any applicants with creditworthy promoters will be required to prove their commitment to the project by contributing at least 25% of the project cost excluding land.

6. Applicants whose management capability, financial situation (including the availability of collateral and guarantee), character and reputation are incontrovertible

7. Passed screening via

8. Filled the Bank of Industry Loan application form

9. Submitted a potentially successful business plan.

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Requirements Involve getting BOI Loan

1. Formal letter of Application

2. Photocopy of Certificate of Registration or Incorporation

3. Of the Certified True Copies of Forms C02 and C07

4. A photocopy of the Certified True Copy of Memorandum and Articles of Association of the Company

5. Feasibility Study Report (4 copies)

6. Quotations for items of equipment (at least 2 or 3 quotations from different sources), where applicable

7. Three (3) years most recent Audited Accounts of the company (for existing company)

8. Organisational Structure and Management of the company

9. Declaration of total outstanding liabilities of the company

10. Statement of Account for the past six months from the company’s bankers

11. Completed copy of Bank of Industry Questionnaire

12. Eight recent passport photographs of each of the two Directors and the Company Secretary

13. Acceptable Securities shall include a charge/security interest over all the applicant’s assets, copyrights, rights, etc

13. Three (3) years most recent Tax Clearance Certificate for the Company and two (2) Directors.

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StudentsandScholarship Team