Bank of Industry Loan Requirements & Application Steps

Filed in Noisemakers by on May 8, 2019

In this Noisemakers post, take a look at the Bank of Industry loan requirements as well as the application steps.

Bank of Industry Loan Requirements & Application Steps

Bank of Industry Loan Requirements & Application Steps

Bank of Industry Loan Requirements & Application Steps

First, before you can get a loan, you will need to meet the pre-approval requirements for the enterprise. Below is the pre-approval checklist for loans of ₦10 million and below

  1. A formal application with your company and a duly completed loan application form.
  2. Certificate & Form of Registration (Photocopy)
  3. Your business plan including a 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 quotations for Raw Materials expressed in quantity and amount
  6. Means of Identification of Promoters: You’re expected to provide 4 passport photographs and your Biometrics Verification Number (BVN). You’re also to provide a photocopy of your International Passport or Driver’s License or National Identity Card or Permanent Voter’s Card
  7. The Bank Statement of your Business Enterprise for a period of 1 year if you’re an existing business is also required
  8. You should also present a Declaration of Outstanding Liabilities to other banks or individuals if you have any.
  9. You will provide 2 individual external guarantors with proper means of identification such as BVN, 4 passport photographs, identity cards and a letter of Intent to guarantee the loan.
  10. Security: If you are using a landed property as a security pledge, you should provide the following:

(i) The title document(s) to the property being pledged (photocopy) which could be a Certificate of Occupancy, Deed of Sublease or Deed of Assignment/Conveyance

(ii) Up-To-Date evidence of payment of ground rent

(iii) The tax clearance certificate (TCC) of the owner of the property obtained from the State where the property is located.

(iv) A valuation Report from one of BOI’s accredited valuers

(v) 4 passport photographs and BVN of the property owner

(vi) Means of identification of the property owner

(vii) A letter of Consent signed by the property owner to mortgage property to BOI

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

Once you scale the pre-approval hurdle, the next step is to meet the post-approval requirements. The checklist is provided below:

  1. An offer letter duly endorsed by the Proprietor(s)
  2. A letter of Acceptance of Offer signed by the Proprietor(s)
  3. Evidence of payment of fees (if applicable, appraisal, commitment, and legal fees)
  4. A return of duly executed loan agreements endorsed by the Proprietor(s)
  5. A Letter showing specimen signature of the Proprietor(s)
  6. Individual External Guarantors (if applicable): You are to obtain the following from your guarantors:

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

(b) 4 Passport photographs

(c) A notarized Statement of Net-Worth (Form will be issued by BOI)

(d) BVN

(e) Curriculum Vitae of the Guarantor(s)

  1. Proforma invoice(s) of the items to be financed (Original)

On the other hand, if you operate a limited liability company and you need a loan of N10 million and below, we have provided the necessary requirements below:

  1. A formal application on letterhead and duly completed loan application form.
  2. Certificate of Incorporation (Photocopy)
  3. A 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 Secretary)

  1. Your business plan including detailed company profile, Curriculum Vitae of the key Management Staff, write-up on technology/manufacturing process(es) and agreement with Technical Partners (if applicable)
  2. Proforma invoice or Quotation for the supply of item(s) of Machinery and Equipment
  3. Quotation(s) for the raw materials expressed in quantity and amounts and their expected sources.
  4. Means of Identification of the Chief Promoter and one other Director of the company:

(a) 8 passport photographs and Biometrics Verification Number (BVN).

(b) International Passport or Driver’s License or National Identity Card or Permanent Voter’s Card Means of identification (photocopy)

  1. BVN of major shareholders of the company.
  2. 3 years’ Audited Financial Accounts and most recent Management Accounts from BOI accredited auditors (for an existing business) or Statement of Affairs (for businesses less than 1 year)
  3. The bank statement of your company for a period of 1 year (for an existing business)
  4. A declaration of outstanding liabilities to other Banks and Individuals
  5. 2 Individual external guarantors with proper means of identification such as BVN, 4 passport photographs, Identity Cards and Letter of Intent to guarantee the loan.
  6. Security: If Landed Property is being pledged as security, then the following:

(a) The title document(s) to the property being pledged (Photocopy) which can be a Certificate of Occupancy, Deed of Sublease or Deed of Assignment/Conveyance

(b) The up-to-date evidence of payment of the ground rent

(c) The tax clearance certificate (TCC) of the owner of the property obtained from the State where the property is located.

(d) A valuation report from one of BOI’s accredited valuers

(e) 4 passport photographs and BVN of the property owner

(f) Means of identification of the property owner

(g) A signed letter of consent signed from the property owner to mortgage property to BOI

(h) You should also provide a Board Resolution of the company if the property is owned by a limited liability company different from the borrower

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

Once you have sorted out the pre-approval requirements you will also need to meet the post-approval requirements. The requirements are provided below:

  1. An offer letter duly endorsed by a Director and Company Secretary or two (2) Directors
  2. An acceptance letter of the offer
  3. Return of duly executed Loan Agreement
  4. A Board Resolution authorizing borrowing
  5. Filed Annual Returns (up to date) of the Company at CAC (Original)
  6. Current Tax Clearance Certificate of the Company and two of its Directors (if the 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 Documents of landed property (Certificate of Occupancy, Deed of Assignment (registered), Bank Guarantee
  9. Individual Guarantors (Where Applicable): You are to obtain the following from your guarantors:

(a) Means of identification which could be a photocopy of International Passport or Driver’s License or National Identity Card or Permanent Voter’s Card)

(b) 4 Passport photographs

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

(d) BVN

(e) Curriculum Vitae of the Guarantor(s)

  1. Evidence of payment of fees (if applicable – appraisal, commitment, and legal fees)
  2. An attestation letter
  3. A letter showing specimen signature of the authorized signatory
  4. Proforma invoice(s) for the approved items

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