First things first, providing financial assistance for the establishment of the large, medium, and small projects have always been the mission of loan-giving industries.
A lot of people talk about taking loans to fund their businesses, even big companies take loans to support their organizations, but business owners especially SMEs don’t know how to go about taking loans or even processing them.
Bank of Industry Limited is the oldest and largest Development Finance Institution currently operating in Nigeria. This means Bank of the Industry provides assets to financing loans, working capital loans, consumer loans, and group loans. Yes, maybe you know about the Bank of Industry or you’ve heard of them, but you’ve been trying to get a loan but you don’t know the process or how to package your documents for the loan, then do not worry because we have you covered.
HT Business Consulting Limited will help you process your loan application, package your document, and help you get the loan in no time. We want you to be able to build that business.
The following are the requirements for a Bank of Industry (BOI) loan
Products
- SME Term loan – BOI offers loan products tailored to meet the business needs of Small & Medium Enterprises (SME). SME finance is a financing solution accessible for specific business medium-term projects.
- Working capital loan.
- Graduate Entrepreneurship Fund.
- Government Enterprise & Empowerment Programme.
- Youth Entrepreneurship Support Programme.
Lending Criteria of The Bank
The emphasis is on prudent project selection and management; accordingly, it supports quality projects with potential developmental impact. BOI, therefore, considers industries that meet the following criteria:
- Capacity to substantially add to industrial output.
- Projects that use largely domestic raw materials.
- Industry in which Nigeria’s comparative advantages could be converted to competitive ones.
- Ability to promote the expansion of exports through the production of high-quality products that are attractive to domestic and export markets.
- Niche projects that produce for worldwide consumption.
- Projects that create both forward and backward linkages, with the rest of the domestic or regional economy.
- Ventures that promote inter-state or regional integration.
- Small and medium enterprises (SMEs) that have linkage with large firms, belong to clusters, and operate under franchise.
- Enterprises with high employment generation capacity.
- The project must be technically feasible, commercially viable, and economically desirable.
- Environmentally friendly Projects.
- Enterprises that have a good management setup and proper accounting procedures.
- Enterprises promoted by women entrepreneurs.
The following industrial sub-sectors are also accorded priority in the project selection:
- Agro-industries, textile, and leather
- Polymer-based industries
- Solid minerals
- Foundries
- Information communication technology (ICT) services
- Small, medium, and large enterprises, excluding cottage industries.\
Requirements For SME/Large Enterprises
- Formal Letter of Application.
- Photocopies of Certificate of Incorporation and Certified True Copy of Memorandum and Articles of Association of the Company. Photocopies of the Certified True Copy of Forms C02 and C07.
- Business Plan; We can help you write a business plan too.
- Photocopy of title documents to project site (Statutory Certificate of Occupancy or Deed of Assignment).
- 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).
- Approved Building Plan (If new building).
- Bill of Quantities or Contractor’s Estimate of Cost to be incurred on Factory Building.
- Valuation Reports on Factory Building(s) (for existing projects) and property offered as Collateral Security.
- Quotations for items of plant and machinery (at least 3 quotations from different sources).
- Three (3) years most recent audited accounts of the company (for existing company).
- Three (3) years most recent Tax Clearance Certificate for the Company and two (2) Directors.
- Four (4) recent passport photographs of each of the two Directors and the Company Secretary.
- Evidence of appointment of a Company.
At HT Business Consulting Limited, we want to make sure your dream as a great business owner is accomplished.
Contact us now!!!
