Here are what you need to know about Bank of Industry Loan Application

Here are what you need to know about Bank of Industry Loan Application

The Bank of Industry (BOI) has reopened its application portal for firms interested in applying for the N22 billion FG BOI Loan Fund.

How to Apply for a Loan from the Bank of Industry Limited (BOI) in 2022

Nigeria’s oldest, largest, and most successful development financing organization is the Bank of Industry Limited (BOI). The Nigerian Industrial Development Bank (NIDB) Limited, which was founded in 1964, was renovated in 2001. The bank began operations in 1964 with a 2 million dollar authorized share capital (GBP).

The International Finance Corporation, which produced the company’s first CEO, owned 75 percent of the company’s stock, together with a number of domestic and international private investors. Although the bank’s authorized share capital was initially fixed at N50 billion following NIDB’s reconstruction into BOI in 2001, it has since been expanded to N250 billion to better position the bank to address the country’s expanding economic profile, as mandated.

The bank has transformed into an efficient, focused, and profitable institution that is well positioned to effectively carry out its primary mandate of providing long-term financing to the Nigerian economy’s industrial sector, following a successful institutional, operational, and financial restructuring program that began in 2002.

We connect startups, SMEs, and major businesses with capital. And when we say “access,” we mean that we make the entire process easier, starting with the pre-loan application.

The Bank of Industry Limited (BOI) intends to provide financial help for the construction of big, medium, and small projects, as well as the expansion, diversification, and modernization of existing businesses, as well as the rehabilitation of existing businesses.

Loan Application Form 2022/2023 from the Bank of Industry (BOI) (Up to N5M)

The Bank of Industry (BOI) has reopened its application portal for firms interested in applying for the N22 billion FG BOI Loan Fund.

The application form for 2022/2023 is currently being developed, and interested and qualified enterprises should follow all of the instructions and procedures to apply for the loan.

If your firm meets all of the application requirements and repayment plan, you can apply for up to N5 million.

For the avoidance of doubt, the N22 billion Bank of Industry (BOI) loan is for startups, SMEs, and large enterprises who are having difficulty financing their businesses and require FG involvement. These funds have been approved and are ready to be released.

Qualifications and Requirements for a Loan

  • Financial instruments that can be traded
  • Bank guarantee for a legal mortgage on a landed property
  • External guarantors with a known net worth statement
  • A formal application letter
  • A photocopy of the incorporation certificate
  • Typical feasibility study findings
  • Photocopies of passport photos
  • The management and organizational structure of the company
  • The company’s most recent tax clearance is three years old.

The Bank of Industry is a financial institution that specializes in (BOI) 2022/2023 Loan Application Form (Up to N5M)


The bank of industry is aimed towards enterprises that are involved in manufacturing and processing.
Agroprocessing, Solid Minerals, Information Technology, Oil and Gas, and Creative Industry are among the sub-sectors targeted. Please check the list of SME product clusters that BOI supports by clicking here.


BOI-Financed Organizations

The Bank of Industry only lends money to businesses or corporations, not to individuals or groups of individuals.

Before you may proceed with your application, the company/enterprise must be properly registered, and you will be required to supply the registration number for a Limited Liability Company or the business name for an organization.

The bank’s primary purpose is to finance manufacturing-related industrial equipment.

Items that the BOI can fund
Land and buildings that are planned to be financed with equity are not financed by the Bank.
You can also get your working capital needs met at a Monetary Policy Rate + 6% from any of the ten (10) SME-friendly institutions with which the Bank of Industry has partnered.

Disbursement method

The bank does not give cash to the borrower, but rather to the vendors and suppliers of the equipment for which the loan application is made.
The amount that can be financed by BOI’s SME loan support begins at N5 million. Loans under N5 million, on the other hand, are supplied through our matching fund platform, which is run in partnership with several state governments, and our Bottom of the Pyramid (BOP) scheme, which is run through MicroFinance Banks.

Complementary needs

The Bank of Industry needs you to pledge some assets to secure your loan as part of its fiduciary responsibility in managing funds under its care.
However, the Bank will accept other kinds of security if the loan being offered to you is adequately covered.

The Bank accepts the following types of security:

For loans under N10 million, external guarantors with a notarized statement of networth are required.

Please keep in mind that the Bank is willing to share assets that have previously been committed to other lenders as long as the Bank’s loan is sufficiently covered.

It’s also worth noting that the Bank will accept third-party collateral.

Businesses that are just getting started

While the Bank’s standard risk acceptance requirements require a prospective borrower to have at least three years of acceptable performance history, it can lend to start-ups on a case-by-case basis at its discretion.

A startup would need to show that it has relevant experience in its field, as well as a highly qualified management and operational staff with sound management structures.

Visit to register

»Here are what you need to know about Bank of Industry Loan Application«

↯↯↯Read More On The Topic On TDPel Media ↯↯↯