This article aims to provide comprehensive information about the Bank of Industry loan (BOI), requirements, how to apply, and other important things you need to know about the establishment.
Without a doubt, getting a loan in Nigeria has never been easy, it was as difficult as climbing a mountain. But thank God for the availability of different lending platforms and financial institutions like the Bank of Industry. One can now access loans at any point in time and without stress!
If you have been following this blog, you will notice that while discussing the top lenders and financial institutions offering loans for startup businesses in Nigeria, we also mentioned BOI. However, the said content does not allow us to explore their loans in detail, but thank God, this article aims to satisfy the purpose!
So, whether you are searching for the Bank of Industry loan requirement, want to learn how to apply for their loans, or simply want to know more about their loans, you are in the right place!
We kindly advise you to follow the article to the end so that you will not miss any important information concerning this.
Now, let’s dive!
About Bank of Industry
The Bank of Industry (Abbreviated as BOI) is the oldest, largest, and most successful development financing institution (DFI) in Nigeria. This bank initially started its operations in 1959 as the Investment Corporation of Nigeria (ICON) Limited. It was later reconstituted into the Nigerian Industrial Development Bank (NIDB) Limited in 1964 and subsequently into the Bank of Industry (BOI) in 2001.
The bank is owned and controlled by three prominent bodies in Nigeria; the Ministry of Finance Incorporated (MOFI) Nigeria, which owns the majority of the shares (94.80%), followed by the Central Bank of Nigeria (CBN) (5.19%) and private shareholders (0.01%).
Just like the name implies, the bank is aimed at facilitating the development and transformation of the country’s industrial sector. They make this possible by providing financial and advisory assistance to large, medium, and small projects or enterprises, be it creative industries, agro and food processing, healthcare and petrochemicals, oil and gas, engineering and technology, and renewable energy and solid minerals.
They have currently recorded about N312.5 billion in disbursements, supported about 4,234,670 enterprises, and created approximately 9,050,796 jobs.
Do You Know?
- We offer expert financial advisor services that can help you achieve your goals.
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The bank currently has about 31 offices located in various states across the country. Their headquarters is located in Lagos State, and their corporate office is in Abuja, Nigeria
Having known about this, let’s explore their loans, requirements, and other important things you would love to know!
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Bank of Industry Loans
BOI loans are traditionally designed to finance businesses across sectors of the economy that drive sustainable development. They offer these loans in three categories, these include:
1. Micro-business loans
This directorate aims to provide financial support to sectors and groups that are disadvantaged and vulnerable.
The financial support is directed at the foundational levels of the economy and it supports both officially registered businesses and those operating informally. These include market women, traders and artisans, farmers, agriculture workers, and enterprise youth.
2. SME loans
This loan category is aimed at providing financial support to small and medium-sized businesses that are officially registered.
It’s directed at sectors that are either emerging or lack adequate funding, and the emphasis is specially placed on businesses that are run by youth and gender-focused businesses.
Types of Businesses and Sectors that are beneficiaries of this business are Fashion & Beauty, Food & Agro Commodity Processing, Light Manufacturing, Engineering, Healthcare, Greenhouses, Arts & Craft, Solar (off-grid)
3. Large Enterprise loans
The directorate provides financial and other types of support to officially registered large businesses.
The target Sectors are Agro and Food Processing, Creative Industries, Engineering and Technology, Healthcare, Renewable Energy, Gender Business, and Intervention Funds.
Also Check: Top 8 Loan Apps Without BVN in Nigeria
Bank of Industry Loan Requirements
To access a loan from the Bank of Industry, there are certain eligibility requirements you must meet. They request several documents including a formal application on the letterhead of the registered Enterprise/Business Name, a duly completed online loan application form, a photocopy of the Certificate of Incorporation, a simplified business plan, a passport photograph, and a lot more.
Simply visit this page to access all the requirements.
BOI Loan Interest Rate
The interest rate for loans from the Bank of Industry (BOI) in Nigeria varies depending on the type of loan and the specific terms. As of the latest information, rates generally range from 5% to 9% per annum for different categories of borrowers and loan purposes.
How to Apply for Bank of Industry Loan
The most effective way of applying for Bank of Industry loans is by physically visiting their office. The bank is present in 29 states across Nigeria to deliver effective financial services and support programs to businesses and communities across the country.
Simply visit this page to access their location and other contact details in your state.
You can also apply for the Bank of Industry loan online by following the simple steps below:
- Visit their website www.boi.ng.
- Navigate to the loan product section and select your preferred loan type.
- On the next page, locate the Apply Now button and click on it to kickstart your registration. A page will be open requesting you to input your name, email, subject, and message for your loan application.
Also Check: Education Loan in Nigeria: How to Apply & All You Need to Know
Final Thoughts
Thanks for following this article to the end! We believe that you have learned a lot from it and can now borrow from the Bank of Industry, Nigeria, with no stress.
This institution is undoubtedly one of the best places to access business loans in Nigeria. Although their requirements may seem extensive, obtaining a business loan from them can be worthwhile. They offer a very competitive interest rate, convenient loan tenures, and other beneficial factors, unlike other lending institutions.
Don’t forget to use the comment section below if you have any questions or an opinion concerning this!