Based on research and not influenced
This is based on rigorous research, testing and not influenced by our earning potentials.

Requirements for Bank of Industry Loans

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  • Post last modified:19.03.2023

Bank of Industry loans are created to boost the opportunities available for micro, small, medium, and large-scale businesses in the country. 

BOI loans are facilitated with several features that make them attractive to businesses. These are reasonable loan limits, convenient loan tenors, business advisory and support, and focus on key areas at the bottom of the pyramid. 

Some of the major sectors the Bank of Industry focuses on are agriculture, engineering, technology, agro-processing, creative industries oil and gas, health care, and the like. 

 

Bank of Industry Loans

Below are the available Bank of Industry loans with their requirements:

 

Micro Business Loans

These loans are provided with low interest to the country’s informal, semi-formal, and formal business sectors. They enable micro businesses to expand while eradicating poverty and hunger, improving work opportunities, and creating and boosting economic growth.

Smallholder Farmer Cluster 
Loan
s

Limit

₦7 billion

Interest

10%

Tenor

24 months

This Bank of Industry loan encourages collaboration between stakeholders in the agricultural value chain including manufacturers, market aggregators, and farmers.

It gives farmers the opportunity to partake in increased income due to better mechanization and farming education.

Farmers and other stakeholders in the sector can form clusters to get this loan from the Bank of Industry.

For organizations or groups to become eligible for this loan, they must

  1. have been operating for two years
  2. and provide evidence of previously concluded transactions with a record of sale

The rates and pricing of this loan type are

Interest Rate: 10% p.a., Processing Fee: 1% and Commitment Fee: 1%, Monitoring Fee: 1% per annum of the outstanding loan balance. It comes with a tenor of 24 months and a limit of N7 billion.

Initial Documentation Requirements for Smallholder Farmer Cluster Loan

  • Formal loan application letter to BOI
  • CAC Registration documents
  • Company profile
  • Evidence of availability of loan security
  • 12 months’ bank account statements (Minimum of two banks

 

Loan Documentation Requirements for Smallholder Farmer Cluster Loan

  • Create an account with BOI
  • Photocopy of Certificate of Incorporation
  • A certified true copy of the Memorandum and Articles of Association
  • Forms CAC 2.5 (Allotment of Shares)
  • CAC 2.3 (Particulars of Directors)
  • CAC 2.1 (Appointment of Company Secretary)
  • Means of identification of all Directors of the company

 

Loan Approval Requirements for Smallholder Farmer Cluster Loan

  • Formal Loan Application on Letterhead
  • Duly completed Loan Application Form
  • Feasibility Study Report on the project to be financed
  • Quotation/Proforma Invoice for the supply of items
  • Security: Bank Guarantee
  • Company’s Bank Statement for a period of one (1) year
  • Regulatory approvals e.g NAFDAC certificate, Mining Lease

 

Bank of Industry Loan Application Channels

You can apply for this Bank of Industry loan through the following:

  • Any Bank of Industry branch
  • BOI online application portal. 

Fintech Digital Lending Product

Limit

₦500 million

Interest

30%

Tenor

12 months

The Fintech/Digital Lending Product is a Bank of Industry loan that focuses on lending funding to Nigerian MSMEs within the shortest turnaround time possible. With this product, many MSMEs can access loans quicker and with more ease. It employs the means of credible technology platforms to approve and disburse these loans.

These Digital lending companies must be regulated by the central bank of Nigeria and must have been in operation for a minimum of two years.

This Bank of Industry loan gives up to N500 million with 12 months for repayment on an interest rate of 9% per annum and a fee of 1% of the loan amount.

A secured loan requires a minimum of 30% cash collateral of the facility.

 

Initial Documentation Requirements for Fintech/ Digital Lending Product Loan

  • Loan application letter
  • Completed loan application form
  • CBN lisense to operate
  • detailed company profile
  • certificate of incorporation (MEMART, CAO2, and CAO7 forms)
  • profile of shareholders, directors, and management team
  • 12 months bank statement (minimum of 2 banks)

 

Loan Documentation Requirements for Fintech Digital Lending Product Loan

  • A bank account was opened with the Bank of Industry with the following:
  • Photocopy of Certificate of Incorporation
  • A certified true copy of the Memorandum and Articles of Association
  • Forms CAC 2.5 (Allotment of Shares)
  • CAC 2.3 (Particulars of Directors)
  • CAC 2.1 (Appointment of Company Secretary)
  • Means of identification of all Directors of the company

 

Loan Approval Requirements for Fintech/ Digital Lending Product Loan

  • A formal application on letterhead
  • duly completed loan application form
  • a feasibility study report on the project to be financed
  • Proforma invoice
  • Security: legal mortgage, title document photocopies, property’s valuation report, lease agreement
  • Regulatory approvals

 

Loan Availment Requirements for Fintech/ Digital Lending Product Loan

  • Letter of offer endorsed by a Director and Company Secretary or directors
  • Borrowing authorization from Board Resolution
  • Return of Loan Agreement
  • Letter of attestation
  • Original Proforma invoice
  • passport photographs of the Chief Promoter and a Director
  • Submission of bank guarantees and title documents.
  • letter of undertaking to pay interest

 

Bank of Industry Loan Application Channels

You can apply for this Bank of Industry loan through the following:

  • Any Bank of Industry branch
  • BOI online application portal. 


MSME Distributor Finance

Limit

₦2 billion

Interest

12%

Tenor

24 months

To promote Nigerian-made products, this Bank of Industry loan aids microbusinesses with funds to purchase goods made in Nigeria through intermediary companies. These intermediary companies must be able to supply microbusinesses in various parts of the supply chain through technology-driven platforms.

The maximum amount available through this Bank of Industry loan is N2 billion. it comes with a 24-month tenor, an interest rate of 12% per annum, and fees of not more than 1%.

The security required for this loan can come as two of the following:

  • Bank Guarantee of 110% of the principal and interest
  • FGN Bonds and treasury bills
  • Legal mortgage of 250% of the Loan amount (for loans below N500 million)

 

Initial Documentation Requirements for MSME Distributor Finance Loan

  • Loan application letter
  • Completed loan application form
  • CBN lisense to operate
  • detailed company profile
  • certificate of incorporation (MEMART, CAO2, and CAO7 forms)
  • profile of shareholders, directors, and management team
  • 12 months bank statement (minimum of 2 banks)

 

Loan Documentation Requirements for MSME Distributor Finance Loan

  • A bank account was opened with the Bank of Industry with the following:
  • Photocopy of Certificate of Incorporation
  • A certified true copy of the Memorandum and Articles of Association
  • Forms CAC 2.5 (Allotment of Shares)
  • CAC 2.3 (Particulars of Directors)
  • CAC 2.1 (Appointment of Company Secretary)
  • Means of identification of all Directors of the company

 

Loan Approval Requirements for MSME Distributor Finance Loan

  • A formal application on letterhead
  • duly completed loan application form
  • a feasibility study report on the project to be financed
  • Proforma invoice
  • Security: legal mortgage, title document photocopies, property’s valuation report, lease agreement
  • Regulatory approvals

 

Loan Availment Requirements for MSME Distributor Finance Loan

  • Letter of Offer duly endorsed by a Director and Company Secretary
  • Letter of Acceptance of offer and letter showing specimen signature of authorized signatory
  • Board resolution authorizing borrowing
  • Return of duly executed loan agreement
  • Evidence of payment of fees
  • Letter of attestation
  • original proforma invocie for the aporved item
  • Four passport photographs of the Chief Promoter and a Director
  • Evidence of Annual returns and tax clearance certificate
  • Submission of Bank Guarantee or title documents
  • Letter of undertaking to pay interest during the moratorium

 

Bank of Industry Loan Application Channels

You can apply for this Bank of Industry loan through the following:

  • Any Bank of Industry branch
  • BOI online application portal. 

SME Enterprise Loans

This Bank of Industry loan centers on improving SMEs and encouraging expansion in this sector to improve its contribution to economic growth, job creation, and skill and entrepreneurial development.

The focus is on using partnerships to develop products and provide Financial and Business Services for these SMEs.

BOI/Aliko Dangote Foundation Fund

Limit

₦10 million

Interest

5-15%

Tenor

24 months

This is Bank of Industry loan is made available in partnership with the Aliko Dangote Foundation Fund for SMEs in the manufacturing, agro-processing, and merchandising sectors. The focus is on encouraging goods made in Nigeria only.

It is open to registered Limited liability Companies, Enterprises, or cooperatives. Cooperative societies and LLCs can get up to N10 million while an Enterprise can get between N10 and N200 million.

 

Cooperative Societies Requirements for BOI/Aliko Dangote Foundation Fund

  • Several guarantees of the beneficiary members of the cooperative society
  • Personal guarantees of the president and the secretary of the cooperative society
  • Two external guarantors acceptable to BOI
  • 10% of the security deposit
  • Lien over the present and future stock of trade
  • Asset debenture on Equipment Finance

 

Enterprises/Limited Liability Companies  Requirements for BOI/Aliko Dangote Foundation Fund

  • Assest debenture over the equipment
  • Irrevocable Personal Guarantee of the Chief Promoter of the company
  • Moveable Collateral Registry
  • Insurance of Assets with BOI noted as the first loss payee
  • Two external Guarantors acceptable to BOI (Senior civil servants, bankers, professionals, senior staff of reputable companies, and industry players

 

Enterprises/Limited Liability (N10 – N200 million) Companies  Requirements for BOI/Aliko Dangote Foundation Fund

  • Legal mortgage on pledged property
  • Bank Guarantee from a commercial bank acceptable to BOI
  • Irrevocable personal guarantee of the Cheif promoter
  • All assets debenture

 

Loan Approval Requirements for BOI/Aliko Dangote Foundation Fund

  • A formal application on letterhead
  • duly completed loan application form
  • a feasibility study report on the project to be financed
  • Proforma invoice
  • Security: legal mortgage, title document photocopies, property’s valuation report, lease agreement
  • A copy of the draft of supply and/or Joint Venture Agreement
  • Three years of audited Financial accounts
  • Bank statement for a period of one year
  • Regulatory approvals
  • Declaration of Outstanding Liabilities to other institution

 

Loan Disbursement Requirements for BOI/Aliko Dangote Foundation Fund

  • Letter of Offer duly endorsed by a Director and Company Secretary
  • Letter of Acceptance of offer and letter showing specimen signature of authorized signatory
  • Board resolution authorizing borrowing
  • Return of duly executed loan agreement
  • Evidence of payment of fees
  • Letter of attestation
  • original proforma invocie for the aporved item
  • Four passport photographs of the Chief Promoter and a Director
  • Proof of Annual returns and tax clearance certificate
  • Submission of Bank Guarantee or title documents
  • Letter of undertaking to pay interest during the moratorium

 

Bank of Industry Loan Application Channels

You can apply for this Bank of Industry loan through the following:

  • Any Bank of Industry branch
  • BOI online application portal. 

Large Enterprise Loans

Large Enterprises are those critical sectors in the economy that cater to job creation and domestic on a large scale. Funding through Bank of Industry loans to the sectors under this enterprise will attract domestic and foreign investments, export earnings, and economic growth at explosive levels. 

Artisanal Miners Intervention Fund 

Limit

₦2 million

Interest

5%

Tenor

12 months

This fund is an intervention fund from Bank of Industry loans for artisanal miners in Nigeria involving industrial minerals, precious stones, precious metals, and other solid minerals.

This loan provides a maximum of N2 million with not more than 1 year of tenor and an interest rate of 5%.

 

Initial Documentation Requirements for Artisanal Miners Intervention Fund 

  • Formal loan application on letterhead
  • Photocopy of Business Registration certificate
  • Valid Mining license
  • Detailed business plan including a profile of the enterprise and CV of Chief Promoters
  • Proforma invoice
  • Raw materials expressed in quantity and amount
  • Four passport photographs and Biometrics Verification Number of the promoters
  • Promoter’s ID
  • Bank statement for one year

 

Loan Documentation Requirements for Artisanal Miners Intervention Fund 

A bank account was opened with the Bank of Industry with the following:

  • Photocopy of Certificate of Incorporation
  • A certified true copy of the Memorandum and Articles of Association
  • Forms CAC 2.5 (Allotment of Shares)
  • CAC 2.3 (Particulars of Directors)
  • CAC 2.1 (Appointment of Company Secretary)
  • Means of identification of all Directors of the company

 

Loan Approval Requirements for Artisanal Miners Intervention Fund 

  • A formal application on letterhead
  • duly completed loan application form
  • a feasibility study report on the project to be financed
  • Proforma invoice
  • Security: legal mortgage, title document photocopies, property’s valuation report, lease agreement
  • A copy of the draft of supply and/or Joint Venture Agreement
  • Three years of audited Financial accounts
  • Bank statement for a period of one year
  • Regulatory approvals
  • Declaration of Outstanding Liabilities to other institutions

 

Loan Disbursement Requirements for Artisanal Miners Intervention Fund 

  • Letter of Offer duly endorsed by a Director and Company Secretary
  • Letter of Acceptance of offer and letter showing specimen signature of authorized signatory
  • Board resolution authorizing borrowing
  • Return of duly executed loan agreement
  • Evidence of payment of fees
  • Letter of attestation
  • original proforma invocie for the aporved item
  • Four passport photographs of the Chief Promoter and a Director
  • Evidence of Annual returns and tax clearance certificate
  • Submission of Bank Guarantee or title documents
  • Letter of undertaking to pay interest during the moratorium

 

Bank of Industry Loan Application Channels

You can apply for this Bank of Industry loan through the following:

  • Any Bank of Industry branch
  • BOI online application portal. 

BOI Fashion Fund 

Limit

₦30 million

Interest

9%

Tenor

5 years

Businesses in the Fashion industry can benefit from Bank of Industry loans through this facility. Eligible applicants must be actively operating businesses registered with at least two years of experience and key shareholders.

It comes with a single obligor limit of N30 million, a payback tenor of 5 years, and an interest rate of 9% per annum.

Initial Documentation Requirements for BOI Fashion Fund  

  • 25% equity contribution
  • Personal Guarantee of Chief promoter
  • Lien on existing and future items of equipment and stock trade
  • Deposit of 5% of the loan amount
  • CBN Credit Guarantee scheme
  • Statement of net worth of two guarantors
  • Referral letter from a recognized Private Sector body

 

Loan Documentation Requirements for BOI Fashion Fund 

A bank account was opened with the Bank of Industry with the following:

  • Photocopy of Certificate of Incorporation
  • A certified true copy of the Memorandum and Articles of Association
  • Forms CAC 2.5 (Allotment of Shares)
  • CAC 2.3 (Particulars of Directors)
  • CAC 2.1 (Appointment of Company Secretary)
  • Means of identification of all Directors of the company

 

Loan Approval Requirements for BOI Fashion Fund 

  • A formal application on letterhead
  • duly completed loan application form
  • a feasibility study report on the project to be financed
  • Proforma invoice
  • Security: legal mortgage, title document photocopies, property’s valuation report, lease agreement
  • A copy of the draft of supply and/or Joint Venture Agreement
  • Three years of audited Financial accounts
  • Bank statement for a period of one year
  • Regulatory approvals
  • Declaration of Outstanding Liabilities to other institution

 

Loan Disbursement Requirements for BOI Fashion Fund 

  • Letter of Offer duly endorsed by a Director and Company Secretary
  • Letter of Acceptance of offer and letter showing specimen signature of authorized signatory
  • Board resolution authorizing borrowing
  • Return of duly executed loan agreement
  • Evidence of payment of fees
  • Letter of attestation
  • original proforma invocie for the aporved item
  • Four passport photographs of the Chief Promoter and a Director
  • Evidence of Annual returns and tax clearance certificate
  • Submission of Bank Guarantee or title documents
  • Letter of undertaking to pay interest during the moratorium

 

Bank of Industry Loan Application Channels

You can apply for this Bank of Industry loan through the following:

  • Any Bank of Industry branch
  • BOI online application portal. 

Bank of Industry Loan Calculator

If you are feeling lucky, take some minutes to calculate how much you will pay back before applying for any using the below Bank of Industry loan calculator:

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Bank of Industry Loan FAQs

How do I ensure that my project is eligible for financing?

To make sure that your project has a chance of being eligible, read and follow all the requirements set for each loan type. This includes CAC documentation and audited finances.

How much can an SME get from a BOI loan?

The loan prices and interest rates vary for each loan. Check the features of the loans in this article to find out the rates and limits.

How can I apply for a BOI loan?

Check all the requirements for each loan and submit all necessary documentation to the BOI office closest to you. You can also opt for the online application method. To use this portal, head to the bank’s website. 

Are there other payments asides from the interest rate?

BOI charges other fees asides from the interest rate. These fees are dependent on the type of loan you apply for.

How can I get more information on BOI loans?

To find out about more BOI funding options, visit their loans listing page 

Bank of Industry loans are made to cater to several sectors of the economy by providing funds to boost these industries. This ensures economic growth, job creation and attracts foreign and local investors. 

If you wish to get more options on loans and funding, then check out loans from other providers.

Lois Samari
You are the first in our research hence, we rallies around doing rigorous checks, testing and analysis to help you make a good decision on products and services. Meanwhile, items providers' final views are superior to ours.
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