Bank Of Industry Nigeria: How To Access Loan
Are You A Business owner in Nigeria and looking for loans in Nigeria. The bank of industry could help you. This article is going to talk about Bank Of Industry Nigeria: How To Access loan for your business.
Bank of Industry Nigeria is know with the abbreviation BOI could provide you with some loans especially if you might be finding it hard getting it from a bank.
Who Can Benefit From The Loans Bank Of Industry Gives?.
The BOI – bank of industry Nigeria does not give loans to individuals, or groups. But they give loan to registered Business who needs to expand their business.
They will request for the registration number with corporate affairs commission for an LLC and the registration name before they will process the loan application.
What Projects Can The BOI Finance?
They finance the purchase of industrial equipment and also the purchase of land and building.
The BOI has official paternership with 10 friendly SME banks. These banks you can obtain loan from at monetary policy rate plus 6 percent.
What Are The Primay Requirements For Getting The Loan.
The loan is not expected to be given to you as cash or be paid into your account. But it will be paid into the vendors or supplies who will supply the machinery or building Account.
How Much Can BOI Finance Provide?
They provide from 5 million Naira up wards. Loans under this amount can be provided by BOI in collaboration with government of different states through BOP – Bottom of the Pyramid scheme operated by Microfinance Banks.
Collateal Requirements For Providing Loan.
The BOI has requirements for loan security. You have to pledge access to secure loan.
Banks can also accept other forms of security. And the different forms of security required includes.
• Legal Mortgage for a landed property which is registered and has a certificate of occupancy.
• Bank Gurantee.
• Debenture on the company’s asset.
• External Gurantee with nottized statement of networth included. This is for loans less than 10 million naira.