The Bank of Industry (BOI) has reopened its application portal for interested businesses to apply for N22Billion FG BOI Loan fund.

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 authorized share capital of 2 million (GBP).

The International Finance Corporation which produced its pioneer Chief Executive held 75% of its equity along with a number of domestic and foreign private investors. Although the bank’s authorized share capital was initially set at N50 billion in the wake of NIDB’s reconstruction into BOI in 2001, it has been increased to 250 billion in order to put the bank in a better position to address the nation’s rising economic profile in line with its mandate.

Following a successful institutional, operational and financial restructuring programme embarked upon in 2002, the bank has transformed into an efficient, focused and profitable institution that is well placed to effectively carry out its primary mandate of providing long term financing to the industrial sector of the Nigerian economy.

We provide access to funds for startups, SMEs, and large enterprises. And by access, we mean that we facilitate the entire process, right from pre-loan application.

The Bank of Industry Limited (BOI) aims to provide financial assistance 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.

Bank of Industry (BOI) Loan Application Form 2022/2023 (Up to N5M)
The Bank of Industry (BOI) has reopened its application portal for interested businesses to apply for N22Billion FG BOI Loan fund

Application Form for 2022/2023 is in progress and interested and suitable businesses are to
follow all the guides and processes to apply for the loan

Up to N5M can be applied for, if your business meets all the application requirements and
repayment plan

For clarity, the N22Billion Bank of Industry (BOI) Loan is for startups, SMEs, and large enterprises,
who are finding it hard to finance their businesses and need FG intervention, these funds have
been approved and are ready to be disbursed

Loan Requirements and Qualifications
Marketable financial instruments
Legal mortgage on landed property
Bank guarantee
External guarantors with a known statement of net worth
A formal letter of application
A photocopy of the certificate of incorporation
A standard feasibility study report
Copies of passport photographs
Company’s organizational structure and management
Three years’ most recent tax clearance for the enterprise
Bank of Industry (BOI) Loan Application Form 2022/2023 (Up to N5M)

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. Please click here to see the list of SME product clusters that BOI supports.

If your product is not listed here and you think it should, please provide information on your
product here for review by our technical team.

Entities that BOI Finances
Bank of industry only finances enterprises or companies and not an individual person or group of

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.

The bank is principally set up to finance industrial equipment used in manufacturing.

Items that BOI can finance
The Bank does not finance land and building which are expected to be financed from equity.
You can also access your working capital requirements from any of the ten (10) SME-friendlybanks that the
Bank of Industry partners with at a Monetary Policy Rate plus 6 percent.
Mode of disbursement

The bank does not disburse the loan to the borrower in cash but to the vendors and suppliers ofthe equipment that the loan application is for.
The amount that can be financed by BOI
BOI’s loan support to the SME starts from N5 million. However, loans below N5 million areprovided on our matching fund platform which is operated in collaboration with various stategovernments, and on our Bottom of the Pyramid (BOP) scheme which is operated throughMicroFinance Banks.

Collateral requirements

As part of the fiduciary responsibility in managing funds under its care, the Bank of the industryrequires that you pledge some assets to secure your loan.
However, the Bank also accepts other forms of security subject to adequate coverage of the loanbeing provided to you.
Types of security the Bank accepts include:

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.

Startup businesses

While the Bank under its general risk acceptance criteria requires a prospective borrower to have at least three years of 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 a highly qualified management and operational team with sound management structures.

You need to support your application with some documents
Please click here to see the list of the documents you should be prepared to upload while you apply on this platform Bank of Industry (BOI) Loan Application Form 2022/2023 (Up to N5M)

Apply here