Bank of Industry (BOI) Loan Requirements

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Bank of Industry (BOI) Loan Requirements For Maximum of N10 Million

For members that desire loan facilities of maximum of N10 million (Ten Million Naira Only), the requirements for the loan facilities are listed below;

Pre-Approval Checklist

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

2.       Photocopy of Certificate & Form of Registration.

3.       Business Plan which includes detailed Profile of the Business Enterprise with Curriculum Vitae of the key Management Staff.

4.       Proforma invoice for the items of Equipment to be purchased.

5.       Sources and quotation for Raw Materials expressed in quantity and amount.

6.       Means of Identification of Promoter:

a.       Four (4) passport photocopy and Biometrics Verification Number (BVN).

b.       Photocopy of International Passport or Driver’s License or National Identity Card or Permanent Voter’s Card.

7.       Bank Statement of the Business for a period of one (1) year (for existing business).

8.       Declaration of Outstanding Liabilities to other Banks and Individuals, if any.

9.       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.

10.   Security:

If Landed Property is being pledged as security, then, the following:

I. 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.

II. Evidence of payment of Ground Rent up to date.

III. Tax Clearance Certificate (TCC) of the owner of the property obtained from the State where the property is located.

IV. Valuation Report from one of BOI ‘s accredited valuers

V.  Four (4) passport photographs and BVN of the property owner

VI. Means of identification of the property owner.

VII. Letter of Consent signed by the property owner to mortgage property to BOI.

VIII. If the property is owned by a limited liability company different from the borrower, then Board Resolution of that company.

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

 Post-Approval Checklist

1.       Submission of letter of offer duly endorsed by the Proprietor(s)

2.       Letter of Acceptance of offer signed by the Proprietor(s)

3.       Evidence of payment of fees (if applicable, appraisal, commitment and legal fees)

4.       Return of duly executed loan Agreements endorsed by the Proprietor(s)

5.       Letter showing specimen signature of the Proprietor(s)

6.       Individual External Guarantors (If applicable):

a.       Means of identification (i.e. photocopy of International Passport or Driver’s License or National Identity Card or Permanent Voter’s Card).

b.       Four (4) Passport Photographs

c.       Notarized Statement of Net-Worth9Form will be issued by BOI)

d.       BVN

e.       Curriculum Vitae of the Guarantor(s)

7.       Original proforma invoice(s) of the items to be financed.

Bank of Industry (BOI) Loan Requirements Above N10 Million

Pre-Approval Checklist

1.       Formal Application on Letterhead

2.       Duly completed loan Application Form.

3.       Photocopy of Certificate of Incorporation

4.       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 of Company Secretary).

5.       Feasibility Study Report to include detailed Profile of the Company with Curriculum Vitae of the key Management Staff and write -up on technology/manufacturing process(s) Technical Partners.

6.       Quotation/Proforma invoice for the supply of items of Machinery and Equipment.

7.       Sources and quotation for Raw Materials expressed in quantity and amount.

8.       Curriculum Vitae of the Directors and Key Management Staff of the Company.

9.       Eight (8) passport photographs of the Chief Promoter and two (20 Directors of the Company.

10.   Means of identification of two (20 Directors of the company (i.e. Photocopy of International Passport/Driver’s License and National Identity Card)

11.   BVN of the Chief Promoter and two (2) Directors of the company.

12.   Security:

(a)    If Bank Guarantee, a letter of intent for Bank Guarantee from the Head Office of commercial bank issuing the guarantee, individual Guarantor etc.)

(b)    If landed property is being pledged as security, then the following:

  I. 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

II. Evidence of payment of Ground Rent up to date

III. Tax Clearance Certificate (TCC) of the owner of the property obtained from the State where the property is located

IV. Valuation Report from one of BOI’s accredited valuers

V. Four (4) passport photographs and BVN of the property owner.

VI. Means of identification of the property owner.

VII. Letter of Consent signed by the property owner to mortgage property to BOI

VIII. If the property is owned by a limited liability company different from the borrower, then Board Resolution of that company.

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

14.   A copy of the draft Technical, Management, Machinery Supply and /or Joint Venture Agreement (Where applicable)

15.   Three years’ Audited Financial Accounts and most recent Management Account from BOI accredited auditors9for existing business)

16.   Statement of Affairs (for business less than one (1) year (for existing business)

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

18.   Three years’ Financial Statement of Accounts for Institutional Investors in the project or another company owned by the Chief Promoter (Where applicable).

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

Post-Approval Checklist

1.       Submission of letter of offer duly endorsed by a Director and Company Secretary or two (2) Directors.

2.       Letter of Acceptance of Offer.

3.       Return of duly executed loan agreement.

4.       Board Resolution authorizing borrowing

5.       Photocopy of the filed Annual Returns (up to date) of the Company at Corporate Affair Commission (CAC).

6.       Photocopy of the Current Tax Clearance Certificate of the Company and two of its Directors (If landed property is being pledged as security for the loan)

7.       Evidence of filling appointment of Company’s Secretary with CAC

8.       Security- Original title appointment of Company of landed property (Certificate of Occupancy, Deed of Assignment (registered), Bank Guarantee.

9.       Individual Guarantors (Where applicable)

a.       Means of identification (i.e. photocopy of International Passport or Driver’s license or National Identity Card or Permanent Voter’s Card)

b.       Four (4) Passport Photographs

c.       Notarized Statement of Net-Worth (Form will be issued by BOI)

d.       BVN

e.       Curriculum Vitae of the Guarantee (If applicable)

10.   Submission of Bank Guarantee (If applicable)

11.   Evidence of payment of fees (if applicable-appraisal, commitment and legal fees)

12.   Letter of Attestation

13.   Letter showing specimen signature of the authorized signatory

14.   Original proforma invoice(s) for the approved items

For more information, you can chat with Stephanie on the designated WhatsApp chat and get updates on upcoming online events.